Are Home Prices Rising or Falling in Grayslake, IL?

Grayslake, a city near Chicago, IL, has seen sharp price growth over the past year. The median home sale price jumped 18% to $404,732, far outpacing both the national average and most surrounding communities. Here's why prices are moving this way and what it means on the ground.

The National Picture

Nationally, the median sale price stood at roughly $399,000 in the three months ending August 2026, a 2% increase from the prior year. The typical American household earns about $88,000 and devotes around 34.4% of income to housing, an improvement of 1.6 percentage points. Across the country, roughly 20% of listings have seen a price reduction and there's about four months of supply on the market.

Home Prices in the Chicago Area

The typical Chicago-area household earns roughly $99,000 per year and puts about 35.1% of that toward housing, a figure that's barely budged year over year. While the metro hasn't seen a meaningful affordability shift, individual suburbs are telling very different stories depending on local supply and demand conditions.

One of the Fastest-Climbing Markets in the Area

Grayslake's 18% price jump stands out even in a metro where most suburbs are posting gains. The median sale price of $404,732 is higher than the national median and right in line with nearby Mundelein, where prices are $406,721 after a more modest 4.3% gain. Over in Buffalo Grove, prices actually dipped 0.5%, a reminder that not every Lake County suburb is on the same trajectory. About 60.5% of homes in Grayslake sold above their asking price, and the sale-to-list ratio hit 100.9%.

At $734,645, the nearby neighborhood of Prairie Crossing posted an even steeper 40.2% gain, though that figure likely reflects a smaller sample of higher-end sales rather than a broad market shift.

Why Are Prices Rising in Grayslake?

Grayslake prices are climbing because demand has outrun a limited supply of homes. Active listings barely budged, rising just 2.9% year over year, while new listings increased only 6.4%. With just 1.7 months of supply, there simply aren't enough homes to satisfy buyer interest. Pending sales did dip 7.7%, which could signal that some buyers are being priced out. But the imbalance between supply and demand continues to push prices higher, and homes are moving in a median of 43 days. Only 19.9% of listings carry a price cut, well below the national average.

Limited to neighborhoods with at least 10 home sales in the period.

All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.