Is Lakewood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lakewood is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Lakewood was a Seller's Market.

Key Takeaway

Lakewood is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Lakewood, IL

How much do homes in Lakewood, IL cost?

Median Sold Price

$528,500

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,500(+6.6%)

Key Takeaway

Homes in Lakewood have sold for 6.6% more than they did a year ago.

Summary: The median home sold price in Lakewood was $528,500 in May 2024, up 6.6% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $292.4K$276K
-5.6%
3 $348.7K$460.6K
+32.1%
4 $550.5K$583.7K
+6.0%
5+ $630.4K$625.2K
-0.8%

Summary: Lakewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 32.1%, 4 bedroom homes increased by 6%, and 5+ bedroom homes decreased by 0.8%.

Median Sold Price Compared To Nearby Cities

Crystal Lake
+20.3%
Dorr Township
+9.8%
Lake in the Hills
+8.1%
Lakewood
+6.6%
Grafton Township
+4.7%

Housing Supply in Lakewood, IL

How many homes are available in Lakewood, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2226+18.2%

Summary: The Lakewood real estate market had 26 homes for sale in May 2024, a 18.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 52
-60.0%
3 34
+33.3%
4 1216
+33.3%
5+ 24
+100.0%

Summary: The Lakewood 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 60%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
440.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lakewood, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Lakewood in May 2024, the same as the previous month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.

Days on Market for Lakewood, IL

How long does it take to sell a home in Lakewood, IL?

Average Sale Time

May 2023May 2024CHANGE
50 Days46 Days-7.6%

Summary: Homes in Lakewood had an average of 46 days on market in May 2024, down by 7.6% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lakewood are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 4 homes were sold in Lakewood; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Lakewood, IL

Nearby Markets to Lakewood, IL

What housing markets are near Lakewood, IL?