Lake Forest, IL—60045
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Forest, IL
As of Oct '25, the median home price in Lake Forest, IL is $1,125,000, with a year-over-year change of 7.0%. This indicates that home prices in Lake Forest, IL are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,125,000 | 7.0% |
| Single Family | $1,175,000 | 7.4% |
| Condos | $591,000 | 7.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $532,000 | 7.5% |
3 Bed | $853,000 | 7.0% |
4 Bed | $1,125,000 | 6.5% |
| 5 Bed | $1,702,000 | 7.3% |
% of Housing Stock
Rental Trends — Lake Forest, IL
As of July '25, Rentcast reports the average rent in Lake Forest, IL is $4,860, with a year-over-year rent change of -13.7%. Per bedroom, the median rent as of July '25 in Lake Forest, IL is 1-bedrooms: $1,810, 2-bedrooms: $4,370, 3-bedrooms: $5,200, 4-bedrooms: $5,420. The most common rental property sizes in Lake Forest, IL are 3-bedroom and 2-bedroom, accounting for 32.8% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,800 | $4,860 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,800 | $1,810 |
| 2 Bed Rent | $4,650 | $4,370 |
| 3 Bed Rent | $6,000 | $5,200 |
| 4 Bed Rent | $4,850 | $5,420 |
% of Rental Stock
Property Listings — Lake Forest, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Forest, IL is 51. This is a increase of 11.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,910,000 | 16.0% |
Listing Count | 101 | -23.0% |
| Listings as % of Homes | 1.1% | -23.0% |
Days on Market | 51 | 11.0% |
Demographics — Lake Forest, IL
As of the latest ACS Survey released in 2023, Lake Forest, IL has a population of 21,000, which has remained stable by -0.8% over the past 5 years. Lake Forest, IL is a moderately popular place for families, as children make up 20.0% of the population. The area has a highly educated workforce, with 81.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 28.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,000 | -0.8% |
% Under 18 | 20.0% | -16.0% |
% Seniors | 25.5% | 18.1% |
% WFH | 28.2% | 108.9% |
% w/ College Degree | 81.2% | 2.5% |
As of the latest ACS Survey released in 2023, Lake Forest, IL is a predominantly white area, with 82.7% of the population identifying as white. The white population has shrunk by 1.4% in the last 5 years. The second most common race or ethnicity in Lake Forest, IL is asian, making up 6.4% of the population. Foreign-born residents account for 11.0% of the population in Lake Forest, IL, and this percentage has decreased by 20.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 82.7% | -1.4% |
% Black | 0.8% | -55.6% |
% Hispanic | 4.5% | -6.2% |
% Asian | 6.4% | -19.0% |
% Foreign Born | 11.0% | -20.9% |
Mortgage and Risk — Lake Forest, IL
According to HUD data as of 2023, there were 418 mortgage originations in Lake Forest, IL, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Lake Forest, IL. Investor activity is low, as 1.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 418 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 1.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Lake Forest, IL
As of 2024, the percent of homes in Lake Forest, IL under the Section 8 program is 0.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Lake Forest, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $540 | $1,800 | $2,340 |
| 2 Bedroom | -$2,010 | $4,650 | $2,640 |
| 3 Bedroom | -$2,610 | $6,000 | $3,390 |
| 4 Bedroom | -$870 | $4,850 | $3,980 |
Affordability — Lake Forest, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $1,125,000 |
| Median Household Income | $226,000 |