Third Lake, IL, Real Estate
Third Lake, Illinois, is a serene village in Lake County with a population of 1,111 as of the 2020 census, offering a tranquil escape about an hour’s drive from Chicago. Nestled around its namesake 155.5-acre Third Lake and the smaller Druce Lake, the village is known for its natural beauty, providing opportunities for fishing, boating, swimming, and skating, though lake access requires a resident boat sticker. Incorporated in 1959 to protect its environment and limit development, Third Lake maintains a quiet, residential charm with subdivisions like Sunshine and Mariner’s Cove, developed in the 1920s and 1980s, respectively. The village is home to the New Gračanica Monastery, a cultural landmark and North American headquarters for the Serbian Orthodox Eparchy, featuring a stunning replica of the Kosovo Gračanica monastery built in 1984.
Third Lake currently has 2 single family homes for sale with an average list price of $470,000 and 1 lot for sale with a list price of $65,000. The average annual property tax for Third Lake is $10,316.63.
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Using the absorption rate, we can determine how long it's taking for homes to sell and which price points are selling the fastest in Third Lake, i.e. what's hot and what's not.
See What's Hot & What's Not in Third Lake
Market Trends
Third Lake home sales for the month of October stayed the same in volume when compared to last year, while the median sale price stayed the same. House sales stayed the same, while the median sale price stayed the same.
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16
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16
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11
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6
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| 2021 | 2022 | 2023 | 2024 |
| # of sales per year | |||
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$279,000
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$310,000
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$350,000
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$406,562.50
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| 2021 | 2022 | 2023 | 2024 |
| median sale price per year | |||
Median Sale Price for Third Lake
Number of Sales for Third Lake
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