Is Lakewood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lakewood is a neutral's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Lakewood was a Seller's Market.

Key Takeaway

Lakewood is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Lakewood, IL

How much do homes in Lakewood, IL cost?

Median Sold Price

$530,000

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$61,500(+13.1%)

Key Takeaway

Homes in Lakewood have sold for 13.1% more than they did a year ago.

Summary: The median home sold price in Lakewood was $530,000 in March 2024, up 13.1% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $285K$265.2K
-6.9%
3 $390K$400K
+2.6%
4 $553K$575K
+4.0%
5+ $605K$635K
+5.0%

Summary: Lakewood 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 decreased by 6.9%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 5%.

Median Sold Price Compared To Nearby Cities

Crystal Lake
+21.3%
Lakewood
+13.1%
Dorr Township
+8.8%
Grafton Township
+4.2%
Lake in the Hills
+2.4%

Housing Supply in Lakewood, IL

How many homes are available in Lakewood, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1113+18.2%

Summary: The Lakewood real estate market had 13 homes for sale in March 2024, a 18.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 22
0.0%
3 11
0.0%
4 89
+12.5%
5+ 01
+100.0%

Summary: The Lakewood 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 remained the same, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
32-33.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lakewood, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in Lakewood in March 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Lakewood, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
38 Days36 Days-4.3%

Summary: Homes in Lakewood had an average of 36 days on market in Mar 2024, down by 4.3% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 2 homes were sold in Lakewood; 50% of homes were sold within 30 days, 50% 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 25 Days Ago

Newest Listings in Lakewood, IL

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What housing markets are near Lakewood, IL?