As people spent more time at home for the past 14 months and some segments of the economy fractured, residential real estate in Lake County began to experience a boom which continues as buyers scramble to find the right home.
“We had our best month in history in June, and it’s been uphill since then,” said Lynn Kosner, the managing broker of Baird & Warner’s Highland Park office.
“We’re getting between five and eight multiple offers on average, and the homes are selling above list price,” added Marty Golden, a broker with HomeSmart Connect, focusing on Waukegan, Gurnee, Zion and Wadsworth.
Single-family home values have increased 16.2% across Lake County for the year ending April 30, as people both move from Chicago or seek bigger suburban homes. Both want room to both work and recreate at home because of the impact of the coronavirus pandemic.
A survey of 16 Lake County towns — from Barrington to Zion, and Highland Park to Wauconda — showed the value of a single-family home in the county rose from $357,440 to $426,640, according to a report from the North Shore Barrington Association of Realtors.
Reasons given for the boom by real estate brokers in various parts of the county — whether buyers are spending more than $1 million on average in Lake Forest, $624,657 in Barrington, $386,470 in Buffalo Grove or $166,917 in Waukegan — are similar.
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What about Barrington Hills?
What about Barrington Hills?