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 October 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

$266,100

$181/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$13,600(+5.4%)

Key Takeaway

Homes in Island Lake have sold for 5.4% more than they did a year ago.

Summary: The median home sold price in Island Lake was $266,100 in October 2024, up 5.4% from last year, and the median price per square foot was $181.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $166.2K$159.9K
-3.8%
2 $207.5K$228K
+9.9%
3 $260K$271.2K
+4.3%
4 $387K$350K
-9.6%
5+ $446.8K$402.5K
-9.9%

Summary: Island Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 4.3%, 4 bedroom homes decreased by 9.6%, and 5+ bedroom homes decreased by 9.9%.

Median Sold Price Compared To Nearby Cities

Island Lake
+5.4%
Nunda Township
+4.8%
Wauconda Township
+4.7%
Island Lake
+4.4%

Housing Supply in Island Lake, IL

How many homes are available in Island Lake, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3136+16.1%

Summary: The Island Lake real estate market had 36 homes for sale in October 2024, a 16.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 53
-40.0%
3 2123
+9.5%
4 48
+100.0%
5+ 01
+100.0%

Summary: The Island Lake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 40%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1114+27.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

7 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. 50% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Island Lake in October 2024, up by 27.3% month-over-month. Of the 14 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% 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

Oct 2023Oct 2024CHANGE
11 Days15 Days+36.3%

Summary: Homes in Island Lake had an average of 15 days on market in Oct 2024, up by 36.3% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

3 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 October 2024, 14 homes were sold in Island Lake; 79% of homes were sold within 30 days, 21% 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 20 Days Ago

Newest Listings in Island Lake, IL

Nearby Markets to Island Lake, IL

What housing markets are near Island Lake, IL?