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Featured local agent — Third Lake, IL
Sarah Mitchell
Compass Real Estate · Third Lake, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Third Lake, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$430,000median sale price
How is the Third Lake, IL housing market right now?
The median home sale price in Third Lake, IL is $430,000, up 34.4% year-over-year. Homes sell in an average of 4 days with 1 active listings. The market is currently a strong 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 Third Lake a buyer's or seller's market?
Third Lake, IL is currently a strong seller's market, based on 1.0 months of supply and homes selling in about 4 days. How we determine this →
Homes sold
1
Last 12 weeks
Days on market
4
Fast-moving
Active listings
1
1.0 months supply
Sale-to-list
102.4%
Above asking
What does the Third Lake housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $430,000 |
| Median list price | $440,000 |
| Year-over-year price change | +34.4% |
| Average days on market | 4 days |
| Active inventory | 1 listings |
| Months of supply | 1.0 months |
| Sale-to-list price ratio | 102.4% |
| Median price per sq ft | $205/sq ft |
| Homes sold (latest month) | 1 |
| New listings (latest month) | 2 |
| Market condition | Strong seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Third Lake by property type?
How the Third 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 | $430,000 | $205/sq ft | 1 | 4 days |
Source: Redfin · Updated monthly
The Third Lake housing market is currently classified as a strong seller's market with a median sale price of $430,000. Prices have risen 34.4% compared to last year, with homes spending an average of 4 days on market, indicating 1.0 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 2.8x provides context for how home values compare to local earning capacity.
Homes for sale in Third Lake
There are currently 1 homes listed for sale in Third Lake, Illinois. The median listing price is $440K.
Active listings
1
Homes on market
Median list price
$440K
Avg. days on market
4
Days until sale
New this week
2
Newly listed
Who lives in Third Lake?
Population
1,203
Median income
$150,893/yr
Median age
50.1 years
Owner-occupied
99.2%
College grads
70.9%
Avg commute
29.5 min
Source: U.S. Census Bureau ACS
What are homes worth in Third Lake?
Zillow home value
$427,509
Price-to-income
2.8x
Source: Zillow Research
What is it like to live in Third Lake?
Third Lake is a community of approximately 1K residents with a median age of 50.1 years.The median household income is $150,893, which reflects a relatively affluent area with strong earning potential. 70.9% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 99.2%, reflecting strong community stability and long-term resident commitment. The average commute time is 29.5 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Third Lake offers a balanced lifestyle with accessible home values relative to local income levels.
Which cities are near Third Lake, IL?
Want a head-to-head view? Compare Third 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 Third Lake?
The median home sale price in Third Lake is $430,000, up 34.4% from last year.
How long do homes stay on market in Third Lake?
Homes typically spend 4 days on market before going under contract.
What is the median income in Third Lake?
The median household income is $150,893 per year.
Is Third Lake a buyer's or seller's market?
With 1.0 months of supply, Third Lake is currently a strong seller's market.
What is the Zillow home value estimate for Third Lake?
The Zillow Home Value Index (ZHVI) for Third Lake is $427,509, representing the typical home value in the area.
How much does a single-family home cost in Third Lake?
The median single-family home price in Third Lake, IL is $430,000 (about $205 per square foot).
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