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Featured local agent — Island Lake, IL
Sarah Mitchell
Compass Real Estate · Island Lake, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Island Lake, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$359,250median sale price
How is the Island Lake, IL housing market right now?
The median home sale price in Island Lake, IL is $359,250, up 28.3% year-over-year. Homes sell in an average of 41 days with 27 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 Island Lake a buyer's or seller's market?
Island Lake, IL is currently a seller's market, based on 3.4 months of supply and homes selling in about 41 days. How we determine this →
Homes sold
8
Last 12 weeks
Days on market
41
Average pace
Active listings
27
3.4 months supply
Sale-to-list
102.7%
Above asking
What does the Island Lake housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $359,250 |
| Median list price | $344,450 |
| Year-over-year price change | +28.3% |
| Average days on market | 41 days |
| Active inventory | 27 listings |
| Months of supply | 3.4 months |
| Sale-to-list price ratio | 102.7% |
| Median price per sq ft | $194/sq ft |
| Homes sold (latest month) | 8 |
| New listings (latest month) | 14 |
| Listings with a price cut | 3.7% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Island Lake by property type?
How the Island 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 | $365,000 | $202/sq ft | 7 | 37 days |
| Condo / Co-op | $244,000 | $192/sq ft | 1 | 35 days |
| Townhouse | $240,000 | $185/sq ft | 1 | 52 days |
Source: Redfin · Updated monthly
The Island Lake housing market is currently classified as a seller's market with a median sale price of $359,250. Prices have risen 28.3% compared to last year, with homes spending an average of 41 days on market, indicating 3.4 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 3.1x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Island Lake
There are currently 27 homes listed for sale in Island Lake, Illinois. The median listing price is $344K.
Active listings
27
Homes on market
Median list price
$344K
Avg. days on market
41
Days until sale
New this week
14
Newly listed
Who lives in Island Lake?
Population
8,023
Median income
$98,125/yr
Median age
39.5 years
Owner-occupied
81.7%
College grads
27.6%
Avg commute
31.8 min
Source: U.S. Census Bureau ACS
What are homes worth in Island Lake?
Zillow home value
$307,816
Price-to-income
3.1x
Source: Zillow Research
What is it like to live in Island Lake?
Island Lake is a community of approximately 8K residents with a median age of 39.5 years.The median household income is $98,125, which reflects a relatively affluent area with strong earning potential. 27.6% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 81.7%, reflecting strong community stability and long-term resident commitment. The average commute time is 31.8 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Island Lake offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Island Lake?
2 schools tracked · 1,065 students
The largest public schools serving Island Lake, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Cotton Creek School
Grades PK-5 · 598 students
Matthews Middle School
Grades 6-8 · 467 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Island Lake, IL?
Want a head-to-head view? Compare Island 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 Island Lake?
The median home sale price in Island Lake is $359,250, up 28.3% from last year.
How long do homes stay on market in Island Lake?
Homes typically spend 41 days on market before going under contract.
What is the median income in Island Lake?
The median household income is $98,125 per year.
Is Island Lake a buyer's or seller's market?
With 3.4 months of supply, Island Lake is currently a seller's market.
What is the Zillow home value estimate for Island Lake?
The Zillow Home Value Index (ZHVI) for Island Lake is $307,816, representing the typical home value in the area.
What is the median condo price in Island Lake?
The median condo/co-op sale price in Island Lake, IL is $244,000, compared to $365,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Island Lake?
The median single-family home price in Island Lake, IL is $365,000 (about $202 per square foot).
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