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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Forest Lake is a seller's market

Buyer's
Market

Difference Since August 2023

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

Key Takeaway

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

Housing Prices in Forest Lake, IL

How much do homes in Forest Lake, IL cost?

Median Sold Price

$385,000

$214/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2023

+$32,500(+9.2%)

Key Takeaway

Homes in Forest Lake have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in Forest Lake was $385,000 in August 2024, up 9.2% from last year, and the median price per square foot was $214.

Median Sold Price By Bedroom Count

# BEDSAug 2023Aug 2024CHANGE
1 --
N/A
2 $262K$217.5K
-17.0%
3 $350K$380K
+8.6%
4 $525K$600K
+14.3%
5+ $1.0M$375K
-63.9%

Summary: Forest Lake housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 17%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 63.9%.

Median Sold Price Compared To Nearby Neighborhoods

Forest Lakes
+9.6%
Forest Lake
+9.2%

Housing Supply in Forest Lake, IL

How many homes are available in Forest Lake, IL?

Number of Homes For Sale

Jul 2024Aug 2024CHANGE
1115+36.4%

Summary: The Forest Lake real estate market had 15 homes for sale in August 2024, a 36.4% increase compared to July 2024.

Homes For Sale By Bedroom Count

# BEDSJul 2024Aug 2024CHANGE
1 00
0.0%
2 11
0.0%
3 812
+50.0%
4 22
0.0%
5+ 00
0.0%

Summary: The Forest Lake housing inventory by bedroom type for August 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 50%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jul 2024Aug 2024CHANGE
36+100.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Forest Lake, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 6 homes were sold or pending in Forest Lake in August 2024, up by 100.0% month-over-month. Of the 6 sold homes, 17% were sold under asking, 50% were sold at asking, and 33% were sold over asking.

Days on Market for Forest Lake, IL

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

Average Sale Time

Aug 2023Aug 2024CHANGE
30 Days135 Days+348.0%

Summary: Homes in Forest Lake had an average of 135 days on market in Aug 2024, up by 348% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2024, 6 homes were sold in Forest Lake; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% 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 18 Days Ago

Newest Listings in Forest Lake, IL

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