Lake Forest, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lake Forest, IL Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Lake Forest Housing Market Information

With 19,408 people, 6,673 houses or apartments, and a median cost of homes of $1,042,696, 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 ( 81.37%).

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 ( 27.98%). A lesser amount of the housing stock also hails from before 1939 ( 17.79%). There's also some housing in Lake Forest built between 2000 and later ( 10.50%).

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 -1.09%, which is lower than 70% 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 1.78%, 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 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Lake Forest's latest annual appreciation rate is lower than 70% 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:
$1,042,696

Lake Forest, IL HOME PRICES

Value Range
> $1,112,000 38.5
$834,001 - $1,112,000 16.1
$556,001 - $834,000 25.7
$445,001 - $556,000 6.7
$334,001 - $445,000 5.6
$222,001 - $334,000 4.3
$111,001 - $222,000 1.6
$56,001 - $111,000 0.8
$0 - $56,000 0.6

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
0.972694245868979 0.379746835443038

Number Of Homes And Apartments:
6,673

Lake Forest Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
26.62% 1.38% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,349 / per month

Homeownership Rate

Homeownership
Owners 81.37
Renters 18.63
Vacant 8.78

Housing Market Details

 

Age of Homes

AGE OF Lake Forest HOMES
2000 or Newer 10.5
1970 - 1999 43.7
1940 - 1969 28.0
1939 or Older 17.8

Types of Homes

TYPE OF Lake Forest HOMES
Single-Family 81.0
Townhomes 6.0
Small Apt. Buildings 2.2
Apt. Complexes 10.3
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Lake Forest HOMES
No Bedroom 0.67
1 Bedroom 3.65
2 Bedrooms 12.49
3 Bedrooms 23.62
4 Bedrooms 35.30
5 or more bedrooms 24.27