Lake Forest, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Forest, IL Housing Market Trends

With a population of 19,367, 7,203 total housing units (homes and apartments), and a median house value of $936,818, Lake Forest house prices are not only among the most expensive in Illinois, Lake Forest real estate also is some of the most expensive in all of America.

Lake Forest is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Lake Forest than is found in 98% of the communities in America.

The large homes that make up Lake Forest are primarily owner-occupied ( 82.52%).

There is a lot of housing in Lake Forest built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake Forest built between 1940-1969 ( 27.47%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.26%). There's also some housing in Lake Forest built before 1939 ( 13.53%).

Lake Forest Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Lake Forest, where house values have increased just 18.98%, which is annualized rate of 1.75%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Lake Forest appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Forest's appreciation rate has been 8.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Forest were at 1.07%, which equates to an annual appreciation rate of 4.36%.

Notably, Lake Forest's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Lake Forest's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake Forest differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Forest - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lake Forest real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$936,818

Lake Forest, IL HOME PRICES

> $1,119,000
$839,001 - $1,119,000
$559,001 - $839,000
$448,001 - $559,000
$336,001 - $448,000
$224,001 - $336,000
$112,001 - $224,000
$56,001 - $112,000
$0 - $56,000
31.6%
31.6%
24.5%
24.5%
24.4%
24.4%
7.5%
7.5%
6.7%
6.7%
2.2%
2.2%
0.9%
0.9%
0.8%
0.8%
1.4%
1.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
7,203

Lake Forest Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
28.38% 1.13%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,845 / per month

Homeownership Rate

Owners
Renters
Vacant
82.5%
82.5%
17.5%
17.5%
7.6%
7.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.3%
14.3%
44.7%
44.7%
27.5%
27.5%
13.5%
13.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
75.9%
75.9%
6.3%
6.3%
3.5%
3.5%
14.2%
14.2%
0.1%
0.1%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
5.4%
5.4%
12.6%
12.6%
24.1%
24.1%
32.0%
32.0%
25.4%
25.4%
0.0% 100.0%
% OF HOMES