Market Overview
Home Prices in Lake Forest, IL
The median home value in Lake Forest, IL is $1,246,312 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 9.4% compared to a year ago and up 6.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lake Forest are priced204% above average. Lake Forest is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Lake Forest home values have risen by approximately47.8%, reflecting strong long-term appreciation in this market.
Price History
Lake Forest Home Price Trend
City Comparison
Lake Forest vs. National Median
At $1,246,312, homes in Lake Forest cost 204% above the national median of $410,000. Buyers in Lake Forest should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Lake Forest?
20% Down Payment
$249,262
on $1,246,312
Monthly P&I
$6,500/mo
30-yr @ 6.8%
Total Monthly Est.
~$8,255/mo
incl. taxes & insurance
Income Needed
$330,200
gross annual (30% rule)
10% Down Option
$124,631
+ PMI applies
Loan Amount (20% dn)
$997,050
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lake Forest, IL?
The median home value in Lake Forest is $1,246,312 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 9.4% year-over-year.
How much have home prices changed in Lake Forest?
Over the past year, home values in Lake Forest have increased by 9.4%. Over five years, prices have risen approximately 47.8%.
How much do I need to earn to buy a home in Lake Forest?
To comfortably afford the median home price of $1,246,312 with a 20% down payment ($249,262) at today's rates (6.8%), you'd need a gross annual income of approximately $330,200. This assumes keeping total housing costs at or below 30% of gross income.
How does Lake Forest compare to the national average home price?
The national median home value is approximately $410,000. At $1,246,312, homes in Lake Forest are 204% above the national average.
What metro area is Lake Forest part of?
Lake Forest is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.