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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.



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 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

Lake Forest, IL Housing Market Trends

With 19,252 people, 6,959 houses or apartments, and a median cost of homes of $1,167,037, 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.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Forest. Owner-occupied housing accounts for 82.13% of Lake Forest's homes, and 56.56% have either three or four bedrooms, which is average sized relative to America.

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 ( 27.92%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.46%). There's also some housing in Lake Forest built before 1939 ( 13.67%).

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 31.67%, which is annualized rate of 2.79%. 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 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 Lake Forest were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Lake Forest's latest annual appreciation rate is higher than 50% 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

$1,167,037

Lake Forest, IL Home Prices
> $1,159,000
$870,001 - $1,159,000
$580,001 - $870,000
$464,001 - $580,000
$348,001 - $464,000
$232,001 - $348,000
$116,001 - $232,000
$58,001 - $116,000
$0 - $58,000
38.0%
38.0%
27.5%
27.5%
15.8%
15.8%
9.1%
9.1%
4.2%
4.2%
1.7%
1.7%
1.3%
1.3%
1.1%
1.1%
1.4%
1.4%
0% 100.0%
% of Homes
Very High

for Illinois

Very High

for nation

Number of Homes And Apartments:

6,959

Lake Forest Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,484 / per month

Homeownership Rate

Owners
Renters
82.1%
82.1%
17.9%
17.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.1%
6.1%
93.9%
93.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.5%
16.5%
42.0%
42.0%
27.9%
27.9%
13.7%
13.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.3%
74.3%
6.0%
6.0%
3.4%
3.4%
16.4%
16.4%
0.0%
0.0%
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
0.5%
0.5%
5.8%
5.8%
13.8%
13.8%
25.7%
25.7%
30.9%
30.9%
23.3%
23.3%
0% 100.0%
% of Homes