Is Third Lake, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Third Lake is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Third Lake has remained a Seller's Market.

Key Takeaway

Third Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Third Lake, IL

How much do homes in Third Lake, IL cost?

Median Sold Price

$354,500

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$31,500(+9.8%)

Key Takeaway

Homes in Third Lake have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Third Lake was $354,500 in May 2024, up 9.8% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 --
N/A
3 $329K$354.5K
+7.7%
4 $320K$360K
+12.5%
5+ --
N/A

Summary: Third Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Avon Township
+12.0%
Third Lake
+9.8%
Warren Township
+8.5%
Gurnee
+3.7%
Grayslake
+2.4%

Housing Supply in Third Lake, IL

How many homes are available in Third Lake, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
13+200.0%

Summary: The Third Lake real estate market had 3 homes for sale in May 2024, a 200.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 00
0.0%
3 12
+100.0%
4 01
+100.0%
5+ 00
0.0%

Summary: The Third Lake 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 remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
01+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Third Lake, you could pay more than the asking price. 100% of homes here sold above asking price last month.

Summary: A total of 1 homes were sold or pending in Third Lake in May 2024, up by 100.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.

Days on Market for Third Lake, IL

How long does it take to sell a home in Third Lake, IL?

Average Sale Time

May 2023May 2024CHANGE
3 Days4 Days+14.3%

Summary: Homes in Third Lake had an average of 4 days on market in May 2024, up by 14.3% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Third Lake are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 1 homes were sold in Third Lake; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 8 Days Ago

Newest Listings in Third Lake, IL

Nearby Markets to Third Lake, IL

What housing markets are near Third Lake, IL?