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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake County is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Lake County has remained a Seller's Market.

Key Takeaway

Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$21,944(+6.7%)

Key Takeaway

Homes in Lake County have sold for 6.7% more than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $113.2K$130.7K
+15.5%
2 $207.7K$225K
+8.3%
3 $286.6K$320K
+11.6%
4 $475.1K$507.2K
+6.7%
5+ $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
+6.7%
McHenry County
+6.0%
Kenosha County
+4.7%
Cook County
+1.9%

Housing Supply in Lake County, IL

How many homes are available in Lake County, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,6381,911+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

# BEDSJan 2024Feb 2024CHANGE
1 3236
+12.5%
2 308369
+19.8%
3 568627
+10.4%
4 510572
+12.2%
5+ 220307
+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 2024Feb 2024CHANGE
442419-5.2%

Asking Price vs. Sold Price

225 Homes Were Sold
Under Asking

66 Homes Were Sold
At Asking

128 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake County, you may be able to get a good deal. 53.7% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
33 Days34 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Lake County, IL

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