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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Island Lake is a seller's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Island Lake, IL

How much do homes in Island Lake, IL cost?

Median Sold Price

$265,000

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$10,000(+3.9%)

Key Takeaway

Homes in Island Lake have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Island Lake was $265,000 in September 2024, up 3.9% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $166.2K$157.4K
-5.3%
2 $205K$226.5K
+10.5%
3 $261K$273.7K
+4.9%
4 $362.5K$350K
-3.4%
5+ $400K$402.5K
+0.6%

Summary: Island Lake housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 4.9%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes increased by 0.6%.

Median Sold Price Compared To Nearby Cities

Nunda Township
+4.2%
Island Lake
+3.9%
Island Lake
+3.9%
Wauconda Township
+2.0%

Housing Supply in Island Lake, IL

How many homes are available in Island Lake, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
3735-5.4%

Summary: The Island Lake real estate market had 35 homes for sale in September 2024, a 5.4% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 01
+100.0%
2 75
-28.6%
3 2423
-4.2%
4 55
0.0%
5+ 11
0.0%

Summary: The Island Lake housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 28.6%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
911+22.2%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Island Lake, you could pay more than the asking price. 81.8% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Island Lake in September 2024, up by 22.2% month-over-month. Of the 11 sold homes, 9% were sold under asking, 9% were sold at asking, and 82% were sold over asking.

Days on Market for Island Lake, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
11 Days7 Days-32.8%

Summary: Homes in Island Lake had an average of 7 days on market in Sep 2024, down by 32.8% compared to last year.

Breakdown of Home Sale Times

11 Homes Were 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 Island Lake are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 11 homes were sold in Island 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 29 Days Ago

Newest Listings in Island Lake, IL

Nearby Markets to Island Lake, IL

What housing markets are near Island Lake, IL?