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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Forest is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Lake Forest was a Seller's Market.

Key Takeaway

Lake Forest is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Lake Forest, IL

How much do homes in Lake Forest, IL cost?

Median Sold Price

$1,045,000

$340/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$95,000(+10.0%)

Key Takeaway

Homes in Lake Forest have sold for 10% more than they did a year ago.

Summary: The median home sold price in Lake Forest was $1,045,000 in October 2024, up 10% from last year, and the median price per square foot was $340.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $228K$223.7K
-1.9%
2 $384.5K$532.5K
+38.5%
3 $699K$805K
+15.2%
4 $995K$1.1M
+15.5%
5+ $1.7M$1.6M
-8.2%

Summary: Lake Forest housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.9%, 2 bedroom homes increased by 38.5%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes decreased by 8.2%.

Median Sold Price Compared To Nearby Cities

Shields Township
+37.7%
Lake Bluff
+23.4%
Lake Forest
+10.0%
West Deerfield Township
+7.1%

Housing Supply in Lake Forest, IL

How many homes are available in Lake Forest, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
118120+1.7%

Summary: The Lake Forest real estate market had 120 homes for sale in October 2024, a 1.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1211
-8.3%
3 2423
-4.2%
4 3637
+2.8%
5+ 4649
+6.5%

Summary: The Lake Forest 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 8.3%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 6.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2520-20.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Forest, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Lake Forest in October 2024, down by 20.0% month-over-month. Of the 20 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.

Days on Market for Lake Forest, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
24 Days45 Days+86.7%

Summary: Homes in Lake Forest had an average of 45 days on market in Oct 2024, up by 86.7% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 20 homes were sold in Lake Forest; 65% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 10% 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 16 Days Ago

Newest Listings in Lake Forest, IL

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