Is Lake County, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 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
$350,290
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Lake County was $350,290 in February 2024, up 6.7% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $113.2K | $130.7K | +15.5% |
2 Bedrooms | $207.7K | $225K | +8.3% |
3 Bedrooms | $286.6K | $320K | +11.6% |
4 Bedrooms | $475.1K | $507.2K | +6.7% |
5+ Bedrooms | $720.9K | $746.4K | +3.5% |
Summary: Lake County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.5%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Counties
Lake County | $328.3K | $350.2K | +6.7% |
McHenry County | $297.3K | $315.1K | +6.0% |
Kenosha County | $259.5K | $271.8K | +4.7% |
Cook County | $309.6K | $315.6K | +1.9% |
Housing Supply in Lake County, IL
How many homes are available in Lake County, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
1,638 | 1,911 | +16.7% |
Summary: The Lake County real estate market had 1,911 homes for sale in February 2024, a 16.7% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 32 | 36 | +12.5% |
2 Bedrooms | 308 | 369 | +19.8% |
3 Bedrooms | 568 | 627 | +10.4% |
4 Bedrooms | 510 | 572 | +12.2% |
5+ Bedrooms | 220 | 307 | +39.5% |
Summary: The Lake County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 39.5%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
442 | 419 | -5.2% |
Asking Price vs. Sold Price
225 Homes Were Sold
Under Asking
66 Homes Were Sold
At Asking
128 Homes Were Sold
Over Asking
Summary: A total of 419 homes were sold or pending in Lake County in February 2024, down by 5.2% month-over-month. Of the 419 sold homes, 54% were sold under asking, 16% were sold at asking, and 31% 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
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
33 Days | 34 Days | +1.7% |
Summary: Homes in Lake County had an average of 34 days on market in Feb 2024, up by 1.7% compared to last year.
Breakdown of Home Sale Times
265 Homes Were Sold
Under 30 Days
119 Homes Were Sold
In 30 - 90 Days
35 Homes Were Sold
Over 90 Days
Summary: During February 2024, 419 homes were sold in Lake County; 63% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.