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Lake County Gazette

Monday, December 23, 2024

Home prices in Lake County increased

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The median sale price of a home sold in the first quarter of 2024 in Lake County rose by $35,000, while total sales increased by 1.4%, according to BlockShopper.com.

From January through March of 2024, 1,615 homes were sold in the county, with sale prices around $310,000. This is a 12.7% increase over the $275,000 median sale price during the same period in 2023, when there were 1,593 homes sold.

Based on the latest available data from 2021, the median sales tax on homes in Lake County was $7,932, which equates to 2.6% of the median home sale price for the first quarter of 2024.

The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market's value in 2000.

“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.

The following histogram displays changes in median sales prices in Lake County from January 2023 to March 2024.

Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024$275,000$275,000$349,525$349,525$346,000$346,000$320,000$320,000$310,000$310,000

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