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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Zurich is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Lake Zurich, IL

How much do homes in Lake Zurich, IL cost?

Median Sold Price

$450,000

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$42,250(+10.4%)

Key Takeaway

Homes in Lake Zurich have sold for 10.4% more than they did a year ago.

Summary: The median home sold price in Lake Zurich was $450,000 in October 2024, up 10.4% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $258.9K$271.5K
+4.8%
3 $378.4K$410K
+8.3%
4 $495.1K$548.5K
+10.8%
5+ $587.5K$620K
+5.5%

Summary: Lake Zurich housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 5.5%.

Median Sold Price Compared To Nearby Cities

North Barrington
+31.9%
Deer Park
+17.3%
Lake Zurich
+10.4%
Ela Township
+5.5%
Kildeer
-3.4%

Housing Supply in Lake Zurich, IL

How many homes are available in Lake Zurich, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8790+3.4%

Summary: The Lake Zurich real estate market had 90 homes for sale in October 2024, a 3.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1215
+25.0%
3 3635
-2.8%
4 3231
-3.1%
5+ 79
+28.6%

Summary: The Lake Zurich housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2724-11.1%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Zurich, you may be able to get a good deal. 45.8% of homes here sold below asking price last month.

Summary: A total of 24 homes were sold or pending in Lake Zurich in October 2024, down by 11.1% month-over-month. Of the 24 sold homes, 46% were sold under asking, 17% were sold at asking, and 38% were sold over asking.

Days on Market for Lake Zurich, IL

How long does it take to sell a home in Lake Zurich, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
15 Days11 Days-20.9%

Summary: Homes in Lake Zurich had an average of 11 days on market in Oct 2024, down by 20.9% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 24 homes were sold in Lake Zurich; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% 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 5 Days Ago

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