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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Island Lake, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Island Lake, IL Housing Market Trends

With 7,954 people, 2,910 houses or apartments, and a median cost of homes of $302,294, Island Lake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Island Lake, accounting for 71.91% of the village's housing units. Other types of housing that are prevalent in Island Lake include row houses and other attached homes ( 22.42%), large apartment complexes or high rise apartments ( 4.62%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Island Lake. Owner-occupied housing accounts for 80.33% of Island Lake's homes, and 72.55% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Island Lake 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 Island Lake built between 2000 and later ( 16.68%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.48%). There's also some housing in Island Lake built before 1939 ( 6.45%).

Island Lake Home Appreciation Rates

Real estate appreciation rates in Island Lake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.85% during the period.

Over the last year, Island Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Island Lake's appreciation rate has been 4.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Island Lake were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Island Lake's latest annual appreciation rate is higher than 50% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$302,294

Island Lake, IL Home Prices
> $1,227,000
$920,001 - $1,227,000
$613,001 - $920,000
$491,001 - $613,000
$368,001 - $491,000
$245,001 - $368,000
$123,001 - $245,000
$61,001 - $123,000
$0 - $61,000
0.9%
0.9%
0.9%
0.9%
3.6%
3.6%
6.9%
6.9%
20.0%
20.0%
31.4%
31.4%
34.4%
34.4%
0.6%
0.6%
1.2%
1.2%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

2,910

Island Lake Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,783 / per month

Homeownership Rate

Owners
Renters
80.3%
80.3%
19.7%
19.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.7%
6.7%
93.3%
93.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.7%
16.7%
65.4%
65.4%
11.5%
11.5%
6.4%
6.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.9%
71.9%
22.4%
22.4%
0.4%
0.4%
4.6%
4.6%
0.7%
0.7%
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
0.0%
0.0%
2.6%
2.6%
20.1%
20.1%
54.1%
54.1%
18.4%
18.4%
4.8%
4.8%
0% 100.0%
% of Homes