Is Lake Forest, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Forest has remained a Seller's Market.
Housing Prices in Lake Forest, IL
How much do homes in Lake Forest, IL cost?
Median Sold Price
$981,000
$320/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake Forest was $981,000 in May 2024, down 7.1% from last year, and the median price per square foot was $320.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195K | $226K | +15.9% |
2 Bedrooms | $429K | $430K | 0.2% |
3 Bedrooms | $765K | $708.2K | -7.4% |
4 Bedrooms | $1.0M | $995K | -8.8% |
5+ Bedrooms | $1.9M | $1.7M | -9.5% |
Summary: Lake Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 0.2%, 3 bedroom homes decreased by 7.4%, 4 bedroom homes decreased by 8.8%, and 5+ bedroom homes decreased by 9.5%.
Median Sold Price Compared To Nearby Cities
Shields Township | $546.2K | $634.1K | +16.1% |
West Deerfield Township | $670.1K | $737K | +10.0% |
Lake Bluff | $625K | $630K | +0.8% |
Lake Forest | $1.0M | $981K | -7.1% |
Housing Supply in Lake Forest, IL
How many homes are available in Lake Forest, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
114 | 134 | +17.5% |
Summary: The Lake Forest real estate market had 134 homes for sale in May 2024, a 17.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 14 | 11 | -21.4% |
3 Bedrooms | 22 | 22 | 0.0% |
4 Bedrooms | 36 | 43 | +19.4% |
5+ Bedrooms | 40 | 56 | +40.0% |
Summary: The Lake Forest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 21.4%, 3 bedroom homes remained the same, 4 bedroom homes increased by 19.4%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
22 | 31 | +40.9% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 31 homes were sold or pending in Lake Forest in May 2024, up by 40.9% month-over-month. Of the 31 sold homes, 61% were sold under asking, 10% were sold at asking, and 29% were sold over asking.
Days on Market for Lake Forest, IL
How long does it take to sell a home in Lake Forest, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 44 Days | +80.9% |
Summary: Homes in Lake Forest had an average of 44 days on market in May 2024, up by 80.9% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 31 homes were sold in Lake Forest; 65% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.