Third Lake, IL housing market
The typical Third Lake home is worth about $428,000, up 3.7% in a year, 44% above the Illinois typical home.
Home values, sales, trends and how Third Lake compares with the towns next door — updated as new data is published.
Third Lake at a glance
Only 1 sale in May 2026: in a market this size, monthly medians swing a lot, so the typical value above is the steadier guide.
Typical home value, 2016–2026
Show as a table
| January | Third Lake | Illinois |
|---|---|---|
| 2017 | $266,000 | $181,000 |
| 2018 | $270,000 | $190,000 |
| 2019 | $272,000 | $195,000 |
| 2020 | $274,000 | $200,000 |
| 2021 | $295,000 | $215,000 |
| 2022 | $326,000 | $236,000 |
| 2023 | $354,000 | $248,000 |
| 2024 | $377,000 | $263,000 |
| 2025 | $406,000 | $278,000 |
| 2026 | $421,000 | $290,000 |
| August 2026 | $428,000 | $298,000 |
Third Lake and its neighbors
| Town | Typical value | 1-yr change | Days on market | Median income |
|---|---|---|---|---|
| Third Lake | $428K | +3.7% | — | $150,139 |
| Gages Lake | $342K | +6.5% | 29 | $103,318 |
| Grayslake | $374K | +5.5% | 48 | $113,972 |
| Gurnee | $382K | +5.4% | 40 | $119,628 |
2.9 years of income
The typical Third Lake home costs about 2.9 years of the town's median household income, less than across Illinois (3.6 years).
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Listings link to their publishers.