Is Lake County, 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 County has remained a Seller's Market.
Housing Prices in Lake County, IL
How much do homes in Lake County, IL cost?
Median Sold Price
$356,689
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake County was $356,689 in May 2024, up 8.2% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $116K | $130K | +12.1% |
2 Bedrooms | $210.4K | $231.2K | +9.9% |
3 Bedrooms | $290.1K | $325K | +12.0% |
4 Bedrooms | $475.1K | $521.5K | +9.8% |
5+ Bedrooms | $719.2K | $744.3K | +3.5% |
Summary: Lake County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.1%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Counties
McHenry County | $299.1K | $325.3K | +8.8% |
Lake County | $329.6K | $356.6K | +8.2% |
Kenosha County | $262.6K | $279.7K | +6.5% |
Cook County | $304.9K | $324.7K | +6.5% |
Housing Supply in Lake County, IL
How many homes are available in Lake County, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2,413 | 2,814 | +16.6% |
Summary: The Lake County real estate market had 2,814 homes for sale in May 2024, a 16.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 37 | 40 | +8.1% |
2 Bedrooms | 465 | 524 | +12.7% |
3 Bedrooms | 820 | 929 | +13.3% |
4 Bedrooms | 756 | 900 | +19.0% |
5+ Bedrooms | 335 | 421 | +25.7% |
Summary: The Lake County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.1%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 19%, and 5+ bedroom homes increased by 25.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
699 | 763 | +9.2% |
Asking Price vs. Sold Price
259 Homes Were Sold
Under Asking
112 Homes Were Sold
At Asking
392 Homes Were Sold
Over Asking
Summary: A total of 763 homes were sold or pending in Lake County in May 2024, up by 9.2% month-over-month. Of the 763 sold homes, 34% were sold under asking, 15% were sold at asking, and 51% were sold over asking.
Days on Market for Lake County, IL
How long does it take to sell a home in Lake County, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 22 Days | -9.6% |
Summary: Homes in Lake County had an average of 22 days on market in May 2024, down by 9.6% compared to last year.
Breakdown of Home Sale Times
636 Homes Were Sold
Under 30 Days
84 Homes Were Sold
In 30 - 90 Days
43 Homes Were Sold
Over 90 Days
Summary: During May 2024, 763 homes were sold in Lake County; 83% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.