Are Home Prices Rising or Falling in Buffalo Grove, IL?

Buffalo Grove, a city near Chicago, IL, is seeing home prices hold essentially flat compared to a year ago. The median sale price sits at $442,707, down just 0.5% year over year, while nationally prices continue to edge higher. Here's what the data shows and what buyers and sellers should keep in mind.

The National Picture

In the three months ending August 2026, the national median home sale price reached about $399,000, up 2% from a year earlier. Affordability has shown modest improvement. The typical U.S. household earns roughly $88,000 a year and now puts about 34.4% of that toward housing costs, down 1.6 percentage points from last year. About 20% of listings nationwide carry a price cut, and inventory sits at roughly four months of supply, giving buyers slightly more breathing room than they had a year ago.

Home Prices in the Chicago Area

Across the Chicago metro, the typical household earns about $99,000 annually and spends around 35.1% of that income on housing, nearly unchanged from a year ago. While national affordability has ticked in buyers' favor, the Chicago area has seen less movement on that front, with housing costs taking a similar share of local incomes as they did last year.

Prices Have Leveled Off After Years of Gains

Home prices in Buffalo Grove are essentially flat, with the median at $442,707 — a slight 0.5% dip from a year ago. That's a shift from the steady gains many Chicago suburbs posted in prior years. About 47.9% of homes here still sell above list price, and the sale-to-list ratio is 100.2%, suggesting buyers and sellers are meeting close to asking price on most deals. Roughly 19.1% of active listings have had a price reduction.

Nearby, price trends vary considerably. Mundelein saw prices climb 4.3% to $406,721, while Waukegan posted an 8.5% jump. On the higher end, Highland Park has a median of $885,914 with prices up 8.7%. Buffalo Grove's flat trend makes it one of the more price-stable options in this part of the metro.

Why Are Prices Flat in Buffalo Grove?

Prices in Buffalo Grove have stalled primarily because inventory has expanded faster than demand. Active listings grew 11.9% year over year, and new listings jumped 17% — a meaningful increase in supply. Pending sales did rise 10.3%, but not enough to absorb the extra homes hitting the market. At 2.1 months of supply, the market isn't flooded, but sellers have lost some of the leverage that was driving prices higher. Homes spend a median of 47 days on market, and only about 19% of listings have price cuts, so conditions remain relatively balanced rather than tipping decisively toward buyers.

Limited to neighborhoods with at least 10 home sales in the period.

All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.