Lake County, IL Market Update - June, 2024

June Lake County Market Report

Evaluating homes using price per square foot is a straightforward method, yet it has its limitations. This metric doesn't account for property updates, finished basement spaces, or maintenance quality. Nevertheless, it remains a useful tool for gauging market trends. In Lake County, the average price per square foot increased from $188 in May 2023 to $200 in May 2024, reflecting a steady 6.5% year-over-year growth.

Despite a decrease in the number of homes for sale this year, the volume of homes sold in May 2024 was nearly the same as in May 2023. The numbers show a slight dip from 817 closed sales in May 2023 to 802 in May 2024, indicating a stable market with only a minor decline in sales.

The number of homes for sale has seen a slight increase this year. At the start of 2024, there were about 800 homes for sale each month. This number rose to just over 900 in April, and by May 2024, the market saw an 11% increase, with over 1,000 homes for sale in Lake County. This uptick is notable, especially when compared to the pre-COVID era, where Lake County typically had around 4,000 homes available for sale at any given time.

The increase in the average price per square foot suggests a growing confidence in the housing market, despite the overall inventory still being lower than pre-COVID levels. The slight increase in the number of homes for sale and the relatively stable number of closed sales indicate a resilient market. These trends reflect a balanced market where demand remains strong, supporting steady price growth.

As we continue to navigate through these dynamics, monitoring price per square foot alongside other metrics like inventory levels and closed sales provides valuable insights into the health and trajectory of the real estate market in Lake County.