Lake Forest, Lake Bluff Home Prices Grow Slower Than Market

LAKE FOREST, IL — Lake Forest and Lake Bluff both have a "very high" environmental hazard risk, and median home prices in both towns are growing slower than the overall U.S. market, according to a new report from ATTOM Data Solutions. The report found both towns bucking a national trend where home prices in ZIP codes with the highest 20 percent for environmental hazard risk grew faster than the market overall.

Median home prices in ZIP codes with a very high environmental hazard risk index grew faster than the overall market over the past year (7.4 percent), the past five years (57.1 percent) and the past 10 years (22.2 percent), according to the report. In the market overall, median home prices appreciated 7.1 percent over the past year, 51.1 percent over the past five years and 12.3 percent over the past 10 years.

ATTOM Data analyzed over 8,000 ZIP codes that had sufficient housing trend data for risk related to four environmental hazards: superfund sites, brownfields, polluters and poor air quality. A risk index was calculated for each hazard and a combined index was then calculated based on the four factors. The highest environmental risk index for a ZIP code in the country was 497.

In Lake Forest's 60045, the risk index was 113, and the median price of home sales rose by 2 percent last year to $715,000. In Lake Bluff's 60044 – also including Knollwood and some of Green Oaks – the risk index was 157, and the median price of home sales fell by 3 percent to $407,500.

Homes in ZIP codes with higher environmental hazard risk also had the lowest foreclosure rate, with the exception being ZIP codes that had the highest risk index for superfunds. The foreclosure rate for ZIP codes in the highest risk category for superfunds was more than 1.5 times that of the overall market rate.

In 60044, the foreclosure rate was 0.23 percent, and in 60045 it was 0.31 percent – both below the national average of 0.4.

How do housing values compare in the two ZIP codes?

The average market value of the roughly 7,300 single family homes and condos in 60045 was just over $838,000, according to the report. There are about 3,400 such homes in 60044, where the average was $502,264.

In the market overall, a total of 12.6 million single family homes and condos with a combined market value of $3.4 trillion were in ZIP codes in the top 20 percent for environmental hazard risk. The average market value of homes in these ZIP codes was $268,585 compared to an average market value of $329,217 in the market overall.

According to ATTOM, the top 10 ZIP codes for overall environmental hazard housing risk are:

• Denver (80216)
• San Bernardino, California (92408)
• Sheridan, Oregon (97378)
• Saint Louis (63133)
• Haw River, North Carolina (27258)
• Riverside, California (92501)
• Santa Fe, California (90670)
• Tulsa, Oklahoma (74108)
• Tulsa, Oklahoma (74119)
• Houston (77042)

See the full report from ATTOM here

Top photo via Shutterstock