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Featured local agent — Lake Forest, IL
Sarah Mitchell
Compass Real Estate · Lake Forest, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Lake Forest, IL Housing Market
The typical home in Lake Forest, IL is worth $1.25M, rose 10.4% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $1.22M, -3.7% year over year (through May 2026). With 2.5 months of supply and homes going under contract in about 49 days, Lake Forest is a strong seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $1.25M home is about $6,663/mo in principal and interest.
Key numbers for Lake Forest, IL
Typical home value
$1.25M
+10.4% in 12 months
Zillow, August 2026
Typical asking rent
$4,668/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$1.22M
-3.7% year over year
Redfin, through May 2026
Days on market
49
Average pace
Redfin, through May 2026
Active listings
72
2.5 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$228,120
Home costs 5.5x income
U.S. Census ACS, 2023
Sale-to-list ratio
103.1%
Selling above asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Lake Forest a buyer's or seller's market?
Lake Forest, IL is a strong seller's market, based on 2.5 months of supply and homes selling in about 49 days. Under 4 months of supply tilts the market toward sellers: homes clear faster than they are replaced, so concessions are scarce.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Lake Forest housing market data show?
Every row below is Redfin's final published month for Lake Forest, IL. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $1.22M |
| Median list price | $1.40M |
| Year-over-year price change | -3.7% |
| Median price per sq ft | $386/sq ft |
| Median days on market | 49 days |
| Active inventory | 72 listings |
| Months of supply | 2.5 months |
| Sale-to-list price ratio | 103.1% |
| Homes sold (that month) | 29 |
| New listings (that month) | 36 |
| Listings with a price cut | 12.5% |
| Market condition | Strong seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Lake Forest is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Lake Forest is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Lake Forest home prices moved?
Over the last three years the median sale price in Lake Forest, IL rose 14.6%, from $1.06M to $1.22M. The live Zillow value series has rose 10.4% in the last 12 months, which is the more current read now that Redfin's series has stopped. 12.5% of Lake Forest listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 2.5 months while the sale-to-list ratio slips below its current 103.1%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Lake Forest?
Priced off the typical home value of $1.25M at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $249,608 | $998,432 | $6,663/mo |
| 5% | $62,402 | $1.19M | $7,912/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $6,663, that implies roughly $285,545 a year before you add taxes and insurance. The median household in Lake Forest earns $228,120, about $57,425 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 5.5x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Lake Forest in the next 12 months?
Tell us your timeline. We send the Lake Forest market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Lake Forest?
Typical asking rent in Lake Forest, IL is $4,668/mo, against a typical home value of $1.25M. That is a price-to-rent ratio of 22.3x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $6,663 a month — $1,995 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Lake Forest?
Active listings in Lake Forest, IL went from 113 in May 2025 to 72 in May 2026, a -36.3% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 116 | 38 |
| July 2025 | 111 | 38 |
| August 2025 | 87 | 23 |
| September 2025 | 89 | 30 |
| October 2025 | 84 | 25 |
| November 2025 | 76 | 15 |
| December 2025 | 60 | 7 |
| January 2026 | 59 | 16 |
| February 2026 | 75 | 37 |
| March 2026 | 80 | 36 |
| April 2026 | 66 | 28 |
| May 2026 | 72 | 36 |
Redfin, through May 2026
How does Lake Forest compare to Illinois and the U.S.?
Lake Forest homes sell for $1.22M — 261% above the Illinois median of $337,900. Against the national median of $410,700, Lake Forest runs 197% higher. Year-over-year, Lake Forest moved -3.7% against Illinois's +5.9% — a smaller swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Lake Forest, IL | $1.22M | -3.7% | 49 days |
| Illinois statewide | $337,900 | +5.9% | 43 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Lake Forest
What buyers should watch
- Months of supply, currently 2.5. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 12.5%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $1,249 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $1.25M home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Lake Forest listing goes under contract in 49 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 103.1% of asking. Price at the number you want and let competition do the rest.
- In the last published month Lake Forest added 36 new listings against 29 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +10.4% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Lake Forest varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Lake Forest
There are currently 72 homes listed for sale in Lake Forest, Illinois. The median listing price is $1.4M.
Active listings
72
Homes on market
Median list price
$1.4M
Avg. days on market
49
Days until sale
New this week
36
Newly listed
How much do homes cost in Lake Forest by property type?
How the Lake Forest, IL market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $1.32M | $387/sq ft | 24 | 49 days |
| Condo / co-op | $800,000 | $386/sq ft | 3 | 47 days |
| Townhouse | $907,500 | $404/sq ft | 2 | 142 days |
Who lives in Lake Forest?
American Community Survey estimates for Lake Forest. U.S. Census ACS, 2023
Population
19,190
Households
6,874
Median income
$228,120/yr
Median age
46.1 years
Owner-occupied
89.3%
Median home value
$909,800
Median gross rent
$2,120/mo
Mean commute
33.7 min
89.3% of occupied homes in Lake Forest are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $909,800 against Zillow's $1.25M typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $2,120/mo, below Zillow's $4,668/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
Which public schools serve Lake Forest?
7 schools tracked · 3,181 students
The largest public schools serving Lake Forest, 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.
Lake Forest High School
Grades 9-12 · 1,375 students
Deer Path Middle Sch West
Grades 7-8 · 382 students
Deer Path Middle Sch East
Grades 5-6 · 363 students
Cherokee Elem School
Grades K-4 · 339 students
Everett Elem School
Grades K-4 · 308 students
Sheridan Elem School
Grades PK-4 · 265 students
Rondout Elem School
Grades K-8 · 149 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 Lake Forest, IL?
Ordered by distance from Lake Forest, not by size. Compare Lake Forest side by side with any of them.
Lake Forest housing market FAQ
Is Lake Forest a buyer's or seller's market?
Lake Forest, IL is currently a strong seller's market. That read comes from 2.5 months of supply, homes going under contract in about 49 days, and sellers getting 103.1% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Lake Forest?
The typical home in Lake Forest, IL is worth $1.25M (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $1.22M, about $386 per square foot.
Is Lake Forest cheaper than the rest of Illinois?
Lake Forest's median sale price of $1.22M is 261% higher than the Illinois statewide median of $337,900, and 197% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Lake Forest?
Homes in Lake Forest, IL spent a median of 49 days on market before going under contract, versus 43 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Lake Forest?
At the current 30-year fixed rate of 7.03%, 20% down on a $1.25M home is about $6,663 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $285,545 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $228,120.
Are home prices rising in Lake Forest?
The typical home value in Lake Forest, IL rose 10.4% over the last 12 months, from $1.13M to $1.25M (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Lake Forest?
Lake Forest ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Lake Forest?
That depends on your timeline, not on a headline. What the data says today: Lake Forest, IL is a strong seller's market with 2.5 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 22.3x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
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