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 March 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

$412,062

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$35,062(+9.3%)

Key Takeaway

Homes in Lake Zurich have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Lake Zurich was $412,062 in March 2024, up 9.3% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $140K-
N/A
2 $254.9K$263.5K
+3.4%
3 $340K$390K
+14.7%
4 $480K$507.5K
+5.7%
5+ $575K$602.5K
+4.8%

Summary: Lake Zurich housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 4.8%.

Median Sold Price Compared To Nearby Cities

Kildeer
+25.5%
Lake Zurich
+9.3%
Ela Township
0.4%
Deer Park
-1.4%

Housing Supply in Lake Zurich, IL

How many homes are available in Lake Zurich, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
5766+15.8%

Summary: The Lake Zurich real estate market had 66 homes for sale in March 2024, a 15.8% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 99
0.0%
3 2226
+18.2%
4 1720
+17.6%
5+ 911
+22.2%

Summary: The Lake Zurich housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1428+100.0%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Zurich, you could pay more than the asking price. 46.4% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Lake Zurich in March 2024, up by 100.0% month-over-month. Of the 28 sold homes, 32% were sold under asking, 21% were sold at asking, and 46% 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

Mar 2023Mar 2024CHANGE
28 Days24 Days-14.1%

Summary: Homes in Lake Zurich had an average of 24 days on market in Mar 2024, down by 14.1% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 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 March 2024, 28 homes were sold in Lake Zurich; 86% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 11% 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 15 Days Ago

Newest Listings in Lake Zurich, IL

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