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Featured local agent — Forest Lake, IL
Sarah Mitchell
Compass Real Estate · Forest Lake, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Forest Lake, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$460,000median sale price
How is the Forest Lake, IL housing market right now?
The median home sale price in Forest Lake, IL is $460,000, up 20.7% year-over-year. Homes sell in an average of 28 days with 6 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Forest Lake a buyer's or seller's market?
Forest Lake, IL is currently a seller's market, based on 2.0 months of supply and homes selling in about 28 days. How we determine this →
Homes sold
3
Last 12 weeks
Days on market
28
Average pace
Active listings
6
2.0 months supply
Sale-to-list
101.3%
Above asking
What does the Forest Lake housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $460,000 |
| Median list price | $450,000 |
| Year-over-year price change | +20.7% |
| Average days on market | 28 days |
| Active inventory | 6 listings |
| Months of supply | 2.0 months |
| Sale-to-list price ratio | 101.3% |
| Median price per sq ft | $299/sq ft |
| Homes sold (latest month) | 3 |
| New listings (latest month) | 5 |
| Listings with a price cut | 50.0% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Forest Lake by property type?
How the Forest Lake, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $460,000 | $299/sq ft | 3 | 28 days |
Source: Redfin · Updated monthly
The Forest Lake housing market is currently classified as a seller's market with a median sale price of $460,000. Prices have risen 20.7% compared to last year, with homes spending an average of 28 days on market, indicating 2.0 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 5.1x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Forest Lake
There are currently 6 homes listed for sale in Forest Lake, Illinois. The median listing price is $450K.
Active listings
6
Homes on market
Median list price
$450K
Avg. days on market
28
Days until sale
New this week
5
Newly listed
Who lives in Forest Lake?
Population
1,797
Median income
$92,956/yr
Median age
40.8 years
Owner-occupied
94.5%
College grads
52.4%
Avg commute
30.1 min
Source: U.S. Census Bureau ACS
What are homes worth in Forest Lake?
Zillow home value
$472,927
Price-to-income
5.1x
Source: Zillow Research
What is it like to live in Forest Lake?
Forest Lake is a community of approximately 2K residents with a median age of 40.8 years.The median household income is $92,956, which reflects a relatively affluent area with strong earning potential. 52.4% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 94.5%, reflecting strong community stability and long-term resident commitment. The average commute time is 30.1 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Forest Lake offers a balanced lifestyle with accessible home values relative to local income levels.
Which cities are near Forest Lake, IL?
Want a head-to-head view? Compare Forest Lake side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Forest Lake?
The median home sale price in Forest Lake is $460,000, up 20.7% from last year.
How long do homes stay on market in Forest Lake?
Homes typically spend 28 days on market before going under contract.
What is the median income in Forest Lake?
The median household income is $92,956 per year.
Is Forest Lake a buyer's or seller's market?
With 2.0 months of supply, Forest Lake is currently a seller's market.
What is the Zillow home value estimate for Forest Lake?
The Zillow Home Value Index (ZHVI) for Forest Lake is $472,927, representing the typical home value in the area.
How much does a single-family home cost in Forest Lake?
The median single-family home price in Forest Lake, IL is $460,000 (about $299 per square foot).
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