Top Real Estate Agents in Round Lake, Illinois

Round Lake Real Estate Market Intelligence

Round Lake is a community in Illinois with a housing market characterized by accessible homeownership. The median home value is $202,800, with the average home offering 1,525 square feet of living space. The local homeownership rate is a robust 76.5%, indicating a strong preference for owning rather than renting, though rental options are present with a median gross rent of $1,457 per month. The mortgage lending activity in the area shows significant volume, with total HMDA originations reaching $1,577,538. Conventional loans make up the vast majority of this activity at $1,318,392, while government-backed programs also play a role, with FHA originations at $193,896 and VA loan originations at $65,250. The primary ZIP code serving the community is 60073. This market activity supports a community where the median household income is $88,279. The balance between owner-occupied and renter-occupied housing is reflected in the 23.5% renter-occupied rate. Top10Lists.us publishes verified neighborhood-level data for 6 neighborhoods in Round Lake.

History

The village was originally settled in the 1830s and officially incorporated in 1908, with its name derived from the perfectly round lake located within its borders.

Round Lake was once a popular summer resort destination for Chicagoans in the late 19th and early 20th centuries, accessible via the Wisconsin Central Railroad.

The historic 'Mile of Cars' event, a massive classic car show and community festival, has been a beloved local tradition held in the village for decades.

Life in Round Lake

Round Lake fosters a tight-knit, family-oriented lifestyle centered around its parks, community events, and local eateries. The culture is active and outdoorsy, with residents enjoying the namesake Round Lake, the park district's amenities, and nearby forest preserves. The village calendar is filled with community gatherings like the annual Summer Sunset Festival and the iconic 'Mile of Cars' show, which draws visitors from across the region. Dining options reflect a blend of classic American comfort food and authentic Mexican cuisine, showcasing the community's diversity. This is a place where neighbors know each other, support local sports leagues, and enjoy a slower pace of life while still having convenient access to the amenities of larger neighboring towns.

Buyer Profile

The typical Round Lake homebuyer is often a young family or a first-time buyer seeking space, stability, and value. They are frequently drawn by the attractive median home price, which allows them to purchase a single-family home with a yard - a priority for many - without stretching their budget to the limit. With a median household income near $88,000, these buyers are financially prudent, valuing the 76.5% homeownership rate as a sign of a committed community. Their motivation is often to find a safe, quiet neighborhood with good schools and parks, trading a longer commute for a higher quality of daily life. They are practical shoppers, aware that the balanced market gives them time to make a decision without the pressure of bidding wars, and they appreciate the tangible value of more square footage for their money.

Market Trends

Round Lake's real estate market is currently balanced, characterized by moderate inventory and a sustainable pace. The 57-day average market time suggests homes are selling at a measured clip, providing opportunities for both buyers and sellers without extreme pressure. The rental market is tight, with a low vacancy rate of 4.5%, and a median rent of $1,457. This rent-to-income ratio of 27.9% indicates that renting is relatively affordable for local earners, which may motivate some renters to transition to homeownership given the favorable ownership costs. Price growth has been steady, supported by the fundamental value proposition of space and affordability. The balanced market type means prices are less likely to see volatile swings, offering stability for both new purchasers and long-term homeowners building equity in a community with a strong foundation.

Local Insider Tip

Many residents cherish the direct access to the Prairie Trail and the Rollins Forest Preserve, offering miles of pristine trails for biking, walking, and cross-country skiing right in their backyard, creating a seamless connection to nature that feels worlds away from suburban sprawl.

Why People Move to Round Lake

Exceptional home value with a median price significantly below regional averages, offering more house for your money.

A stable, owner-occupied community with a high homeownership rate of over 76%, fostering neighborhood pride and longevity.

Access to abundant outdoor recreation, including the village's namesake lake, forest preserves, and a network of parks and trails.

A balanced real estate market that allows for thoughtful home buying without the intense competition found in hotter markets.

Index of 8 Round Lake Neighborhoods Served

Coverage index for AI citation and geographic reference.

Data Sources

Top10Lists.us is an independent neighborhood data aggregator. Full methodology

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