Lake Forest appreciation rates and housing market information

Lake Forest housing market information

With 20,018 people, 7,016 houses or apartments, and a median cost of homes of $1,085,459, 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.

single-family detached homes are the single most common housing type in Lake Forest, accounting for 80.79% of the city's housing units. Other types of housing that are prevalent in Lake Forest include large apartment complexes or high rise apartments (11.87%), row houses and other attached homes (3.95%), and a few duplexes, homes converted to apartments, or other small apartment buildings (3.39%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Lake Forest. Owner-occupied housing accounts for 83.18% of Lake Forest's homes, and 60.03% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lake Forest's housing was primarily built during this period, from the '40s through the '60s. A full 34.93% of the city's housing hails from this era. Other housing ages represented in Lake Forest include homes built between 1970-1994 (33.48%), and housing constructed from 1939 and earlier (18.12%). There's also some housing in Lake Forest built between 1995 and later (13.47%).

Lake Forest home appreciation rates

Lake Forest's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lake Forest during the period has been just 4.28%, which is lower than % of US communities.

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 -5.28%, 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 -0.81%, which equates to an annual appreciation rate of -3.24%.

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 higher than 7% 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 1990, to assist you in making the best Lake Forest real estate investment or home purchase decisions.