Essential factors
- Lake County was in a vendor’s market in Could. Greater than half of the houses bought for above asking value, and properties usually went underneath contract sooner than a 12 months in the past.
- Costs rose 4.6% 12 months over 12 months to $428,714, greater than double the nation’s progress charge.
- Days on market fell to 45 days, however nationwide numbers rose, exhibiting stronger native demand regardless of broader colder traits.
Snapshot of the Lake County, Illinois Housing Market
| Median promoting value | pending sale | energetic checklist | Days on market | bought on checklist |
|---|---|---|---|---|
| $428,714 (+4.6% YoY) | 1,035 individuals (6.9% improve in comparison with the earlier 12 months) | 3,043 individuals (1.7% improve in comparison with the earlier 12 months) | 45 days (-3 days in comparison with earlier 12 months) | 50.3% (+4.1 ppt YoY) |
Lake County’s housing market accelerated in Could, whereas many components of the nation slowed. Properties bought sooner, consumers competed extra aggressively over asking costs, and sellers had much less must decrease costs. The county’s mixture of robust faculty districts and proximity to each Chicago and Wisconsin continued to draw consumers.
Learn on to be taught what it’s essential know concerning the Lake County, Illinois housing market as we head into summer season and what consumers and sellers can do to achieve success.
A snapshot of the US housing market
| Median promoting value | pending sale | energetic checklist | Days on market | stability between consumers and sellers |
|---|---|---|---|---|
| $398,771 (+2.0% YoY) | 349,901 individuals (4.4% improve in comparison with the earlier 12 months) | 1,483,839 (+0.7% YoY) | 49 days (+3 days in comparison with earlier 12 months) | The variety of sellers outnumbers consumers by 47% |
Nationally, the market continued to see a cautious thaw. Pending gross sales elevated modestly and stock remained roughly flat, however houses had been sitting idle longer than a 12 months in the past. Lake County’s velocity went in the other way. Days on market fell whereas nationwide numbers rose.
“Many cities are experiencing a multi-year reset from the pandemic, with slowing value progress and rising inventories, contributing to improved affordability as wages rise,” mentioned Chen Zhao, head of financial analysis at Redfin. “Pending house gross sales have elevated over the previous three months, an early signal that consumers and sellers are beginning to re-enter the market. However financial instability associated to the Iran battle has everybody on edge.”
Lake County costs rose sooner than the nation, and sellers set aggressive costs.
The median gross sales value in Lake County in Could reached $428,714, a rise of 5% from a 12 months in the past. This charge of improve was greater than double the nationwide tempo of two%. New itemizing costs rose practically 12% year-over-year to $441,179, indicating that sellers learn aggressive situations and set aggressive costs, which consumers responded to.
Value reductions remained an uncommon state of affairs. Solely 9% of energetic listings decreased in Lake County, in comparison with about 20% nationally. The common sales-to-listing ratio reached 101.4%. This implies the standard purchaser paid greater than they needed. Median value per sq. foot rose 10% to $232, suggesting widespread value will increase slightly than a shift to bigger or dearer houses.
Properties had been transferring sooner in Lake County even because the nationwide market slowed.
The standard variety of itemizing days in Lake County in Could was 45 days, down from 48 days a 12 months in the past. Nationally, houses had been deserted for 49 days, a rise of three days from final 12 months. This discrepancy confirmed that whereas the general market was slowing down, Lake County’s actions had been accelerating. Greater than 61% of properties went underneath contract inside two weeks, with pending gross sales up 7% year-over-year.
Half of all houses bought for greater than their authentic asking value (50.3%, up 4 share factors from a 12 months in the past). Nationwide, solely 25% met this normal. Closed gross sales elevated by 2% and the common sale-to-listing ratio exceeded 101%, confirming that consumers are routinely paying a premium to safe a house right here.
Inventories stay steady and consumers are in a pinch.
The variety of efficient listings is roughly 3,040, a rise of solely 2% from the earlier 12 months.— a fraction of the pre-pandemic degree of practically 6,500 seen in Lake County in mid-2019. The variety of new listings additionally rose by 2%. The county’s stock stays properly under historic norms, and the small improve was rapidly absorbed by demand.
Lake County’s provide was a lot tighter than the nation as an entire, with lower than three months of provide (in comparison with practically 4 months nationally). The age of the stock decreased to 31 years in sooner or later. This implies unsold objects are brisker than they had been a 12 months in the past, and rancid stock is not piling up.
All value ranges evaluated, with excessive finish main
| value vary | Median value (YoY) | Bought (YoY) | DOM (YoY) | Proportion above checklist (YoY) |
|---|---|---|---|---|
| Luxurious items (high 5%) | $1,540,568 (+4.4%) | 132 (-7.7%) | 53 days (-6 days) | 35.6% (+4.1 ppt) |
| Excessive (65-95%) | $670,834 (+6.3%) | 761 (+0.5%) | 45 days (-3 days) | 51.1% (+1.3 ppt) |
| Non-luxury items (35-65%) | $380,825 (+6.2%) | 595 (-9.4%) | 46 days (-2 days) | 48.6% (+0.6 ppt) |
| Starter (5-35%) | $254,091 (+6.6%) | 515 (+5.5%) | 47 days (+1 day) | 46.8% (+3.1 ppt) |
| Backside (backside 5%) | $142,625 (+17.4%) | 80 (+8.1%) | 56 days (+4 days) | 31.3% (-5.2 ppt) |
Redfin Evaluation of MLS Information • Rolling 3-month interval (March-Could 2026)
The highest tier (median value $670,834) rose 6% over a 45-day interval, with greater than half promoting above asking value. Luxurious houses ($1.54 million) elevated 4% regardless of an 8% decline in gross sales quantity, and days on market decreased by 6 days. This means that luxurious house consumers stay aggressive regardless of having fewer choices. Starter houses rose 7%, competitors elevated, and practically 47% had been priced above checklist value.
The underside tier had the most important value improve (17%), however with solely 80 gross sales, the pattern is small so warning is suggested. Properties had been promoting sooner in any respect ranges than a 12 months in the past, apart from the underside and starter ranges, the place DOM was practically flat. In Lake County, consumers in any respect value factors confronted aggressive situations.
How consumers and sellers can navigate the Lake County, Illinois housing market
For those who’re shopping for in Lake County, be ready to compete. Greater than half of the houses bought for above asking value in Could, with typical properties going underneath contract in lower than two months. Get pre-approved earlier than your tour, perceive what you are keen to pay above the checklist, and do not rely on value reductions. Lower than 10% of listings had such approval. In a market this quick, being able to act rapidly is extra essential than discovering offers.
When promoting, situations are favorable, however accuracy is essential. Set your costs aggressively from day one. Sellers who checklist at market value rapidly and infrequently obtain affords above their asking value. Pricing too excessive dangers stagnation: With 61% of houses going underneath contract inside two weeks, consumers are clearly excited by properties priced at market worth. For those who miss that interval, chances are you’ll find yourself chasing the market with decrease costs.
Lake County, Illinois Market Information by Metropolis
Rolling three-month interval (March to Could 2026). Shows cities with 50 or extra gross sales. Click on the column header you wish to type.
| metropolis | Median gross sales value (YoY) | bought | New checklist. | energetic | dom | % On high of that | provide |
|---|---|---|---|---|---|---|---|
| buffalo glove | $414,752 (-1.0% YoY) | 159 | 233 | 300 | 45 | 55.0% | 2.4 |
| Highland Park | $843,995 (+2.3% YoY) | 133 | 192 | 264 | 35 | 60.9% | 2.6 |
| Waukegan | $259,844 (+6.9% YoY) | 119 | 167 | 254 | 49 | 48.4% | 3.3 |
| Mundelein | $399,761 (+3.2% YoY) | 103 | 150 | 207 | 49 | 45.6% | 3.2 |
| gurney | $397,328 (+6.0% YoY) | 94 | 135 | 192 | 45 | 41.4% | 2.9 |
| vernon hills | $439,737 (+3.5% YoY) | 85 | 117 | 167 | 46 | 36.2% | 2.5 |
| spherical lake seaside | $277,334 (-1.0% YoY) | 82 | 87 | 145 | 52 | 52.6% | 2.4 |
| lake forest | $1,281,733 (-3.4% YoY) | 80 | 102 | 169 | 49 | 45.0% | 2.9 |
| liberty constructing | $644,614 (+13.3% YoY) | 76 | 120 | 153 | 42 | 47.4% | 2.8 |
| glace lake | $372,227 (+11.9% YoY) | 72 | 106 | 142 | 43 | 50.1% | 2.8 |
| lake zurich | $522,187 (+15.3% YoY) | 70 | 92 | 129 | 42 | 72.2% | 2.5 |
| Deerfield | $694,085 (-2.2% YoY) | 66 | 128 | 168 | 40 | 51.7% | 3.4 |
| zion | $254,847 (-2.0% YoY) | 66 | 71 | 130 | 52 | 54.8% | 2.7 |
| fox lake | $239,757 (-6.8% YoY) | 65 | 86 | 132 | 50 | 31.8% | 2.7 |
| spherical lake | $299,821 (-9.1% YoY) | 59 | 81 | 121 | 47 | 43.2% | 2.6 |
| lindenhurst | $379,273 (+1.7% YoY) | 51 | 72 | 102 | 42 | 54.1% | 2.7 |
This text was created in complete or partially utilizing generative synthetic intelligence (AI) expertise with enter from Chen Zhao, Head of Financial Analysis at Redfin. Whereas efforts have been made to make sure the accuracy and reliability of this info, it’s best to independently confirm all knowledge, information, and quotes contained on this article earlier than counting on the data for any objective. This info isn’t supposed to substitute for recommendation from an actual property agent, monetary advisor, or different certified skilled. County-level knowledge should not seasonally adjusted. For extra detailed housing market knowledge, take a look at the Redfin Information Heart.
