Is Lake Forest, 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 Forest has remained a Seller's Market.
Housing Prices in Lake Forest, IL
How much do homes in Lake Forest, IL cost?
Median Sold Price
$982,222
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lake Forest was $982,222 in April 2024, down 2% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $212K | $225K | +6.1% |
2 Bedrooms | $427.5K | $429K | 0.4% |
3 Bedrooms | $750K | $714K | -4.8% |
4 Bedrooms | $1.0M | $995K | -7.8% |
5+ Bedrooms | $1.9M | $1.7M | -7.1% |
Summary: Lake Forest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.1%, 2 bedroom homes increased by 0.4%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 7.8%, and 5+ bedroom homes decreased by 7.1%.
Median Sold Price Compared To Nearby Cities
Shields Township | $546.2K | $615K | +12.6% |
West Deerfield Township | $662.8K | $740.5K | +11.7% |
Lake Forest | $1.0M | $982.2K | -2.0% |
Lake Bluff | $629.9K | $610K | -3.2% |
Housing Supply in Lake Forest, IL
How many homes are available in Lake Forest, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
112 | 120 | +7.1% |
Summary: The Lake Forest real estate market had 120 homes for sale in April 2024, a 7.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 11 | 14 | +27.3% |
3 Bedrooms | 25 | 23 | -8.0% |
4 Bedrooms | 38 | 38 | 0.0% |
5+ Bedrooms | 36 | 43 | +19.4% |
Summary: The Lake Forest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 27.3%, 3 bedroom homes decreased by 8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 19.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
24 | 22 | -8.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in Lake Forest in April 2024, down by 8.3% month-over-month. Of the 22 sold homes, 36% were sold under asking, 27% were sold at asking, and 36% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
45 Days | 26 Days | -42.2% |
Summary: Homes in Lake Forest had an average of 26 days on market in Apr 2024, down by 42.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 22 homes were sold in Lake Forest; 73% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.