Is Island Lake, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Island Lake was a Seller's Market.
Housing Prices in Island Lake, IL
How much do homes in Island Lake, IL cost?
Median Sold Price
$255,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Island Lake was $255,000 in April 2024, up 0.4% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150K | $157.4K | +4.9% |
2 Bedrooms | $185K | $211K | +14.1% |
3 Bedrooms | $254K | $267.9K | +5.5% |
4 Bedrooms | $316K | $387K | +22.5% |
5+ Bedrooms | $351K | $400K | +14.0% |
Summary: Island Lake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.9%, 2 bedroom homes increased by 14.1%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 22.5%, and 5+ bedroom homes increased by 14%.
Median Sold Price Compared To Nearby Cities
Nunda Township | $304.9K | $338.4K | +11.0% |
Wauconda Township | $290K | $303K | +4.5% |
Island Lake | $254K | $255K | 0.4% |
Island Lake | $254.7K | $255K | 0.1% |
Housing Supply in Island Lake, IL
How many homes are available in Island Lake, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
24 | 34 | +41.7% |
Summary: The Island Lake real estate market had 34 homes for sale in April 2024, a 41.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 5 | 8 | +60.0% |
3 Bedrooms | 14 | 19 | +35.7% |
4 Bedrooms | 4 | 6 | +50.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Island Lake 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 60%, 3 bedroom homes increased by 35.7%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
8 | 5 | -37.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Island Lake in April 2024, down by 37.5% month-over-month. Of the 5 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
10 Days | 15 Days | +48.6% |
Summary: Homes in Island Lake had an average of 15 days on market in Apr 2024, up by 48.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 5 homes were sold in Island Lake; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.