Lake Bluff & Lake Forest Real Estate Market Update – February 2025
If you're considering buying or selling in Lake Bluff or Lake Forest, staying updated on the latest real estate trends is crucial. The February 2025 market report reveals key insights that can help you make informed decisions. Whether you're a first-time homebuyer, an investor, or looking to upgrade, understanding the local housing trends is essential.
Lake Bluff Real Estate Market Trends
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Homes Under $1M: The most affordable price range saw a 37.5% decrease in available homes, with a 33.9% drop in closed sales over the past year. Despite this, sellers are still receiving an average 96.8% of their original list price.
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Mid-Range Homes ($1M-$2M): Market time increased up to 50%, but closed sales have remained steady or increased slightly. Homes in this price range are selling for 97.4% to 99.1% of the listing price.
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Luxury Market ($2M+): Market time is stretching in the higher-end segment, with an average of 137 days on the market for homes over $3M. However, properties priced between $2M-$3M are selling within 116 days on average and achieving 94.1% of their original list price.
Lake Forest Real Estate Market Trends
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Entry-Level Homes ($0-$999,999): A highly competitive segment with homes selling at 105.5% of the original price and market time down by 30.8%. This signals strong demand and a potential opportunity for sellers.
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Luxury Homes ($1M-$2M): The market remains active with 27.5% growth in closed sales. Homes in this range are selling for 102.6% to 105.9% of their asking price.
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Ultra-Luxury Market ($3M+): Inventory has declined slightly (-7.4% fewer listings), but demand remains steady with a 2.2% increase in sales. The average home in this range is still fetching 102.8% of its list price.
What This Means for Buyers & Sellers
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For Buyers: If you're shopping for a home under $1M in Lake Forest, be prepared for competition as these homes are selling quickly and often above asking price.
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For Sellers: Now is a great time to list your home, especially in the mid to high-end market ranges where demand remains strong.
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For Investors: The luxury market in both areas still presents opportunities, especially as market times increase and negotiation power shifts slightly towards buyers.
Thinking About Buying or Selling in Lake Bluff or Lake Forest?
The real estate market in Lake Bluff and Lake Forest is evolving, with trends favoring both buyers and sellers in different price brackets. If you're looking to list your home, find a great investment property, or navigate this competitive market, reach out to our expert real estate team today!
