Important points
It was a seller’s market in Lake County in May. More than half of the homes sold for above asking price, and properties typically went under contract faster than a year ago. Prices rose 4.6% year over year to $428,714, more than double the country’s growth rate. Days on market fell to 45 days, but national numbers rose, showing stronger local demand despite broader colder trends.
Snapshot of the Lake County, Illinois Housing Market
Median Sales Price Pending Sales Active Listing Days Days on Market Sold on List $428,714 (+4.6% YoY) 1,035 (+6.9% YoY) 3,043 (+1.7% YoY) 45 days (-3 days YoY) 50.3% (+4.1 ppt YoY)
Lake County’s housing market accelerated in May, while many parts of the country slowed. Homes sold faster, buyers competed more aggressively over asking prices, and sellers had less need to lower prices. The county’s combination of strong school districts and proximity to both Chicago and Wisconsin continued to attract buyers.
Read on to learn what you need to know about the Lake County, Illinois housing market as we head into summer and what buyers and sellers can do to be successful.
A snapshot of the US housing market
Median Sales Price Pending On Sale Active Listing Days Balance of Buyers and Sellers on Market $398,771 (+2.0% YoY) 349,901 (+4.4% YoY) 1,483,839 (+0.7% YoY) 49 Days (+3 Days YoY) Number of sellers outnumber buyers by 47%
Nationally, the market continued to see a cautious thaw. Pending sales increased modestly and inventory remained roughly flat, but homes were sitting idle longer than a year ago. Lake County’s speed went in the opposite direction. Days on market fell while national numbers rose.
“Many cities are experiencing a multi-year reset from the pandemic, with slowing price growth and rising inventories, contributing to improved affordability as wages rise,” said Chen Zhao, head of economic research at Redfin. “Pending home sales have increased over the past three months, an early sign that buyers and sellers are starting to re-enter the market. But economic instability related to the Iran war has everyone on edge.”
Lake County prices rose faster than the nation, and sellers set aggressive prices.
The median sales price in Lake County in May reached $428,714, an increase of 5% from a year ago. This rate of increase was more than double the national pace of 2%. New listing prices rose nearly 12% year-over-year to $441,179, indicating that sellers read competitive conditions and set aggressive prices, which buyers responded to.
Price reductions remained an unusual situation. Only 9% of active listings decreased in Lake County, compared to about 20% nationally. The average sales-to-listing ratio reached 101.4%. This means the typical buyer paid more than they wanted. Median price per square foot rose 10% to $232, suggesting widespread price increases rather than a shift to larger or more expensive homes.
Homes were moving faster in Lake County even as the national market slowed.
The typical number of listing days in Lake County in May was 45 days, down from 48 days a year ago. Nationally, homes were abandoned for 49 days, an increase of three days from last year. This discrepancy showed that while the overall market was slowing down, Lake County’s movements were accelerating. More than 61% of properties went under contract within two weeks, with pending sales up 7% year-over-year.
Half of all homes sold for more than their original asking price (50.3%, up 4 percentage points from a year ago). Nationally, only 25% met that standard. Closed sales increased by 2% and the average sale-to-listing ratio exceeded 101%, confirming that buyers are routinely paying a premium to secure a home here.
Inventories remain stable and buyers are in a pinch.
The number of active listings is about 3,040, up just 2% from a year ago and a fraction of the pre-pandemic level of nearly 6,500 Lake County saw in mid-2019. The number of new listings also rose by 2%. The county’s inventory remains well below historical norms, and the small increase was quickly absorbed by demand.
Lake County’s supply was much tighter than the nation as a whole, with less than three months of supply (compared to nearly four months nationally). The age of the inventory decreased to 31 years in one day. This means unsold items are fresher than they were a year ago, and stale inventory isn’t piling up.
All price ranges evaluated, with high end leading
Median Price Tier (YoY) Sold (YoY) DOM (YoY) Listing Rate (YoY) Luxury (Top 5%) $1,540,568 (+4.4%) 132 (-7.7%) 53 Days (-6 Days) 35.6% (+4.1 ppt) High Price (65-95%) $670,834 (+6.3%) 761 (+0.5%) 45 days (-3 days) 51.1% (+1.3 ppt) Non-premium (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) Bottom (bottom 5%) $142,625 (+17.4%) 80 (+8.1%) 56 days (+4 days) 31.3% (-5.2 ppt)
Redfin Analysis of MLS Data • Rolling 3-month period (March-May 2026)
The top tier (median price $670,834) rose 6% over a 45-day period, with more than half selling for more than their asking price. Luxury homes ($1.54 million) increased 4% despite an 8% decline in sales volume, and days on market decreased by 6 days. This suggests that luxury home buyers remain aggressive despite having fewer options. Starter homes rose 7%, competition increased, and nearly 47% were priced above list price.
The bottom tier had the largest price increase (17%), but with only 80 sales, the sample is small so caution is advised. Homes were selling faster at all levels than a year ago, except for the bottom and starter levels, where DOM was nearly flat. In Lake County, buyers at all price points faced competitive conditions.
How buyers and sellers can navigate the Lake County, Illinois housing market
If you’re buying in Lake County, be prepared to compete. More than half of the homes sold for above asking price in May, with typical properties going under contract in less than two months. Get pre-approved before your tour, understand what you’re willing to pay above the list, and don’t count on price reductions. Less than 10% of listings had such approval. In a market this fast, being ready to act quickly is more important than finding deals.
When selling, conditions are favorable, but accuracy is key. Set your prices aggressively from day one. Sellers who list at market price quickly and often receive offers above their asking price. Pricing too high risks stagnation: With 61% of homes going under contract within two weeks, buyers are clearly interested in properties priced at market value. If you miss that period, you may end up chasing the market with lower prices.
Lake County, Illinois Market Data by City
Rolling three-month period (March to May 2026). Displays cities with 50 or more sales. Click the column header you want to sort.
New sales listings for the city’s median sales price (year-over-year). Percentage of active DOM above supply Buffalo Grove $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 Mandelein $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 Round Lake Beach $277,334 (-1.0% YoY) 82 87 145 52 52.6% 2.4 Lake Forest $1,281,733 (-3.4% from previous year) 80 102 169 49 45.0% 2.9 Libertyville $644,614 (+13.3% from previous year) 76 120 153 42 47.4% 2.8 Grayslake $372,227 (+11.9% from previous year) 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 Round 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 article was created in whole or in part using generative artificial intelligence (AI) technology with input from Chen Zhao, Head of Economic Research at Redfin. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and quotes contained in this article before relying on the information for any purpose. This information is not intended to substitute for advice from a real estate agent, financial advisor, or other qualified professional. County-level data are not seasonally adjusted. For more detailed housing market data, check out the Redfin Data Center.
