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Featured local agent — Lake of the Woods, IL
Sarah Mitchell
Compass Real Estate · Lake of the Woods, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Lake of the Woods, IL Housing Market
The last median sale price Redfin published was $218,750, +28.7% year over year (through May 2026). With 2.0 months of supply and homes going under contract in about 72 days, Lake of the Woods is a balanced market. At today's 6.66% 30-year fixed rate, 20% down on a $218,750 home is about $1,125/mo in principal and interest.
Key numbers for Lake of the Woods, IL
Median sale price
$218,750
+28.7% year over year
Redfin, through February 2026
Days on market
72
Slow-moving
Redfin, through February 2026
Active listings
4
2.0 months of supply
Redfin, through February 2026
30-yr fixed rate
6.66%
Freddie Mac weekly average
Freddie Mac via FRED, August 2026
Median household income
$69,054
Home costs 3.2x income
U.S. Census ACS, 2023
Sale-to-list ratio
94.4%
Selling below asking
Redfin, through February 2026
Zillow figures 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 of the Woods a buyer's or seller's market?
Lake of the Woods, IL is a balanced market, based on 2.0 months of supply and homes selling in about 72 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 of the Woods housing market data show?
Every row below is Redfin's final published month for Lake of the Woods, IL. Redfin, through February 2026
| Metric | Value |
|---|---|
| Median sale price | $218,750 |
| Year-over-year price change | +28.7% |
| Median price per sq ft | $133/sq ft |
| Median days on market | 72 days |
| Active inventory | 4 listings |
| Months of supply | 2.0 months |
| Sale-to-list price ratio | 94.4% |
| Homes sold (that month) | 2 |
| Listings with a price cut | 25.0% |
| Market condition | Balanced 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 of the Woods is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Lake of the Woods 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 of the Woods home prices moved?
Over the last three years the median sale price in Lake of the Woods, IL rose 18.2%, from $185,000 to $218,750. 25.0% of Lake of the Woods 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 2.0 months while the sale-to-list ratio slips below its current 94.4%. Watch those two together — they move before the median does.
Redfin, through February 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Lake of the Woods?
Priced off the median sale price of $218,750 at the current 6.66% 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% | $43,750 | $175,000 | $1,125/mo |
| 5% | $10,938 | $207,813 | $1,335/mo |
Redfin, through February 2026 for the price · Freddie Mac via FRED, August 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 $1,125, that implies roughly $48,197 a year before you add taxes and insurance. The median household in Lake of the Woods earns $69,054, about $20,857 more than that threshold — the typical local household clears the payment on a typical local home with 20% down. That puts the price-to-income ratio at 3.2x — close to the historical 3x norm, which is unusual in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Lake of the Woods in the next 12 months?
Tell us your timeline. We send the Lake of the Woods 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 of the Woods?
Zillow does not publish a rent index (ZORI) for Lake of the Woods, IL, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Lake of the Woods?
Active listings in Lake of the Woods, IL went from 3 in February 2024 to 4 in February 2026, a +33.3% change. Rising inventory is the single most useful leading indicator for buyers: more choice, longer marketing times, and more sellers willing to negotiate before price cuts show up in the median.
| Month | Active listings | New listings |
|---|---|---|
| March 2024 | 3 | 1 |
| June 2024 | 4 | 1 |
| August 2024 | 4 | 2 |
| November 2024 | 1 | 1 |
| January 2025 | 1 | 1 |
| February 2025 | 1 | 3 |
| September 2025 | 5 | 3 |
| October 2025 | 5 | 2 |
| November 2025 | 9 | 5 |
| December 2025 | 6 | 1 |
| January 2026 | 6 | not published |
| February 2026 | 4 | not published |
Redfin, through February 2026
How does Lake of the Woods compare to Illinois and the U.S.?
Lake of the Woods homes sell for $218,750 — 35% below the Illinois median of $337,900. Against the national median of $410,700, Lake of the Woods runs 47% lower. Year-over-year, Lake of the Woods moved +28.7% against Illinois's +5.9% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Lake of the Woods, IL | $218,750 | +28.7% | 72 days |
| Illinois statewide | $337,900 | +5.9% | 43 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through February 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Lake of the Woods
What buyers should watch
- Months of supply, currently 2.0. 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 25.0%. 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 $211 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 6.66%, every full point of rate change moves the payment on a $218,750 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 of the Woods listing goes under contract in 72 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 94.4% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- Comparable ZIP-level pricing inside Lake of the Woods varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Lake of the Woods
There are currently 4 homes listed for sale in Lake of the Woods, Illinois.
Active listings
4
Homes on market
Avg. days on market
72
Days until sale
How much do homes cost in Lake of the Woods by property type?
How the Lake of the Woods, IL market breaks down across single-family homes, condos and townhouses. Redfin, through February 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $218,750 | $133/sq ft | 2 | 72 days |
Who lives in Lake of the Woods?
American Community Survey estimates for Lake of the Woods. U.S. Census ACS, 2023
Population
1,976
Households
763
Median income
$69,054/yr
Median age
41.1 years
Owner-occupied
82.6%
Median home value
$194,300
Median gross rent
$1,201/mo
Mean commute
18.9 min
82.6% of occupied homes in Lake of the Woods 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.
Which cities are near Lake of the Woods, IL?
Ordered by distance from Lake of the Woods, not by size. Compare Lake of the Woods side by side with any of them.
Lake of the Woods housing market FAQ
Is Lake of the Woods a buyer's or seller's market?
Lake of the Woods, IL is currently a balanced market. That read comes from 2.0 months of supply, homes going under contract in about 72 days, and sellers getting 94.4% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Lake of the Woods?
The median sale price in the last month Redfin published was $218,750, about $133 per square foot.
Is Lake of the Woods cheaper than the rest of Illinois?
Lake of the Woods's median sale price of $218,750 is 35% lower than the Illinois statewide median of $337,900, and 47% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Lake of the Woods?
Homes in Lake of the Woods, IL spent a median of 72 days on market before going under contract, versus 43 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Lake of the Woods?
At the current 30-year fixed rate of 6.66%, 20% down on a $218,750 home is about $1,125 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $48,197 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $69,054.
Are home prices rising in Lake of the Woods?
Redfin's last published year-over-year change for Lake of the Woods, IL was +28.7%, measured through May 2026. That series is frozen; treat it as a historical reading rather than a current trend.
What are the cheapest ZIP codes in Lake of the Woods?
Lake of the Woods 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 of the Woods?
That depends on your timeline, not on a headline. What the data says today: Lake of the Woods, IL is a balanced market with 2.0 months of supply, the 30-year fixed rate is 6.66%. Properties Incorporated publishes the data; it does not give financial advice.
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One email: what homes are actually clearing at around $218,750, how long they sit, which ZIPs run cheaper, and what to fix on your credit before you apply.