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Lake County, IL Market Update - May, 2024

Tami Stough

Do you love where you live? I do. And, I can help you get to that place. We'll take the hassle out of real estate and do it all with a bit of fun...

Do you love where you live? I do. And, I can help you get to that place. We'll take the hassle out of real estate and do it all with a bit of fun...

May 7 2 minutes read

May Lake County Market Report

 1. **Price Trends:** Home prices in Lake County have maintained an upward trajectory, albeit at a decelerated pace. The average sales price for homes this year stands at $511,000, reflecting a modest 5.6% increase compared to last year's average of $486,000. This indicates a stabilization in the market after years of robust growth.

2. **Inventory Dynamics:** The supply of homes for sale in Lake County continues to shrink, with a notable 19% decrease compared to last year. This trend suggests heightened competition among buyers, potentially leading to quicker sales and increased property values.

3. **Transaction Activity:** Despite the decrease in available inventory, the housing market in Lake County remains active, with over 6,000 homes sold in the past year. This indicates sustained demand from buyers and suggests a healthy level of market activity despite the challenges posed by limited inventory.

Overall, the housing market in Lake County, IL, demonstrates resilience and continued demand, characterized by a steady increase in home prices, dwindling inventory levels, and sustained transaction activity. 

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