Market Overview
Home Prices in Third Lake, IL
The median home value in Third Lake, IL is $427,509 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.1% compared to a year ago and up 5.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Third Lake are priced4% above average. Third Lake is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Third Lake home values have risen by approximately34.2%, reflecting strong long-term appreciation in this market.
Price History
Third Lake Home Price Trend
City Comparison
Third Lake vs. National Median
At $427,509, homes in Third Lake cost 4% above the national median of $410,000. Buyers in Third Lake should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Third Lake?
20% Down Payment
$85,502
on $427,509
Monthly P&I
$2,230/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,832/mo
incl. taxes & insurance
Income Needed
$113,280
gross annual (30% rule)
10% Down Option
$42,751
+ PMI applies
Loan Amount (20% dn)
$342,007
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 Third Lake, IL?
The median home value in Third Lake is $427,509 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.1% year-over-year.
How much have home prices changed in Third Lake?
Over the past year, home values in Third Lake have increased by 3.1%. Over five years, prices have risen approximately 34.2%.
How much do I need to earn to buy a home in Third Lake?
To comfortably afford the median home price of $427,509 with a 20% down payment ($85,502) at today's rates (6.8%), you'd need a gross annual income of approximately $113,280. This assumes keeping total housing costs at or below 30% of gross income.
How does Third Lake compare to the national average home price?
The national median home value is approximately $410,000. At $427,509, homes in Third Lake are 4% above the national average.
What metro area is Third Lake part of?
Third Lake is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.