Is Lake Forest, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$969,500
$312/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lake Forest was $969,500 in March 2024, down 6.7% from last year, and the median price per square foot was $312.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195K | $227K | +16.4% |
2 Bedrooms | $439K | $420K | -4.3% |
3 Bedrooms | $750K | $765K | +2.0% |
4 Bedrooms | $1.0M | $985K | -8.7% |
5+ Bedrooms | $1.8M | $1.7M | -5.0% |
Summary: Lake Forest housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes decreased by 4.3%, 3 bedroom homes increased by 2%, 4 bedroom homes decreased by 8.7%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
West Deerfield Township | $675.9K | $721.5K | +6.7% |
Shields Township | $599K | $607.9K | +1.5% |
Lake Forest | $1.0M | $969.5K | -6.7% |
Lake Bluff | $720K | $570K | -20.8% |
Housing Supply in Lake Forest, IL
How many homes are available in Lake Forest, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
110 | 120 | +9.1% |
Summary: The Lake Forest real estate market had 120 homes for sale in March 2024, a 9.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 2 | +100.0% |
2 Bedrooms | 14 | 12 | -14.3% |
3 Bedrooms | 20 | 25 | +25.0% |
4 Bedrooms | 38 | 39 | +2.6% |
5+ Bedrooms | 37 | 42 | +13.5% |
Summary: The Lake Forest housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 13.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
19 | 24 | +26.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 24 homes were sold or pending in Lake Forest in March 2024, up by 26.3% month-over-month. Of the 24 sold homes, 50% were sold under asking, 21% were sold at asking, and 29% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
68 Days | 56 Days | -17.9% |
Summary: Homes in Lake Forest had an average of 56 days on market in Mar 2024, down by 17.9% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During March 2024, 24 homes were sold in Lake Forest; 63% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.