Is Lake County, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$356,022
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lake County was $356,022 in April 2024, up 8.3% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $116K | $129K | +11.2% |
2 Bedrooms | $210K | $229.9K | +9.5% |
3 Bedrooms | $289.3K | $324.8K | +12.3% |
4 Bedrooms | $474.7K | $518.9K | +9.3% |
5+ Bedrooms | $720K | $739.2K | +2.7% |
Summary: Lake County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.2%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 2.7%.
Median Sold Price Compared To Nearby Counties
Lake County | $328.6K | $356K | +8.3% |
McHenry County | $299.8K | $323.3K | +7.8% |
Kenosha County | $260K | $275K | +5.7% |
Cook County | $306.1K | $320.2K | +4.6% |
Housing Supply in Lake County, IL
How many homes are available in Lake County, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
2,153 | 2,467 | +14.6% |
Summary: The Lake County real estate market had 2,467 homes for sale in April 2024, a 14.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 36 | 35 | -2.8% |
2 Bedrooms | 428 | 467 | +9.1% |
3 Bedrooms | 728 | 814 | +11.8% |
4 Bedrooms | 653 | 788 | +20.7% |
5+ Bedrooms | 308 | 363 | +17.9% |
Summary: The Lake County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.8%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes increased by 17.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
603 | 661 | +9.6% |
Asking Price vs. Sold Price
200 Homes Were Sold
Under Asking
114 Homes Were Sold
At Asking
347 Homes Were Sold
Over Asking
Summary: A total of 661 homes were sold or pending in Lake County in April 2024, up by 9.6% month-over-month. Of the 661 sold homes, 30% were sold under asking, 17% were sold at asking, and 52% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
25 Days | 20 Days | -19.2% |
Summary: Homes in Lake County had an average of 20 days on market in Apr 2024, down by 19.2% compared to last year.
Breakdown of Home Sale Times
552 Homes Were Sold
Under 30 Days
71 Homes Were Sold
In 30 - 90 Days
38 Homes Were Sold
Over 90 Days
Summary: During April 2024, 661 homes were sold in Lake County; 84% 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.