Is Island Lake, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Island Lake has remained a Seller's Market.
Housing Prices in Island Lake, IL
How much do homes in Island Lake, IL cost?
Median Sold Price
$263,500
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Island Lake was $263,500 in May 2024, up 5.4% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150K | $157.4K | +4.9% |
2 Bedrooms | $185K | $215K | +16.2% |
3 Bedrooms | $250K | $280K | +12.0% |
4 Bedrooms | $312.5K | $387.9K | +24.1% |
5+ Bedrooms | $372.2K | $385K | +3.4% |
Summary: Island Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.9%, 2 bedroom homes increased by 16.2%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 24.1%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
Nunda Township | $300K | $337K | +12.3% |
Wauconda Township | $292K | $310K | +6.2% |
Island Lake | $250K | $263.5K | +5.4% |
Island Lake | $250K | $263.5K | +5.4% |
Housing Supply in Island Lake, IL
How many homes are available in Island Lake, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
32 | 40 | +25.0% |
Summary: The Island Lake real estate market had 40 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 8 | 7 | -12.5% |
3 Bedrooms | 17 | 26 | +52.9% |
4 Bedrooms | 6 | 6 | 0.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Island Lake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 52.9%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
5 | 21 | +320.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 21 homes were sold or pending in Island Lake in May 2024, up by 320.0% month-over-month. Of the 21 sold homes, 38% were sold under asking, 29% were sold at asking, and 33% were sold over asking.
Days on Market for Island Lake, IL
How long does it take to sell a home in Island Lake, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
11 Days | 26 Days | +119.9% |
Summary: Homes in Island Lake had an average of 26 days on market in May 2024, up by 119.9% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 21 homes were sold in Island Lake; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.