Algonquin · McHenry County · IL
Homes for sale in
Terrace Lakes.
- Active listings
- 1
- Median list
- $1.60M
- Avg time on market
- 91 days
- Sold · last year
- 4
Active listings
1 home on the market
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About the community
An upper-tier, water-oriented community on Algonquin's west side.
Terrace Lakes is an upper-tier single-family community on the west side of Algonquin in McHenry County, positioned south of Algonquin Road (Route 62) and east of Square Barn Road. It began as an early-to-mid 2000s development and has continued with a higher-end build-out on remaining lots, including recent larger custom homes, so the streetscape mixes settled, landscaped lots with occasional new construction. True to its name, the community is built around ponds and open space, and a share of homes back to or overlook the water. It appeals to move-up families and buyers who want square footage and a pond or park backdrop while staying inside Algonquin's west-side retail and highway grid.
At a glance
Larger single-family homes
Predominantly two-story homes, generally larger in size, spanning an established 2000s core and newer custom builds.
Ongoing custom build-out
Original early-2000s homes plus continuing higher-end construction on remaining lots.
Ponds and open space
The community is built around water, with some homes backing to or overlooking ponds.
Huntley District 158
Likely served by Huntley Community School District 158, whose campus sits next door on Square Barn Road. Confirm by address.
Randall Road corridor
Algonquin Commons and the wider Randall Road retail concentration are a short drive east.
Advocate Sherman nearby
Advocate outpatient and immediate-care on Randall Road, with Advocate Sherman Hospital in Elgin a short drive south.
Route 62 and Route 31
Algonquin Road along the north edge and Route 31 to the east, with I-90 reachable to the south.
Little to no HOA
Listing data shows association dues at essentially zero. Confirm any shared-pond assessment or special-service-area line per parcel.
What’s close
Terrace Lakes sits on Algonquin's west side near the Randall Road corridor, a car-oriented location with retail, dining, and medical care minutes away.
- Recreation
- The community's own ponds and open space, plus nearby public open space such as Algonquin Lakes Park with trails and wetland ponds.
- Shopping
- Algonquin Commons on South Randall Road and the broader big-box retail concentration along Randall.
- Hospital
- Advocate outpatient and immediate-care facilities on Randall Road, with Advocate Sherman Hospital in Elgin a short drive south.
- Highway
- Algonquin Road (Route 62) along the north edge, Randall Road a short drive east, and Route 31 toward the Fox River, with I-90 to the south.
- Schools
- Likely Huntley Community School District 158 (Mackeben and Conley elementary, Heineman Middle, Huntley High), whose campus is next to the subdivision. Confirm by address.
- Train
- No Metra station in Algonquin. The nearest commuter rail is in neighboring towns, so commuting is primarily by car.
What it’s actually like to live here
Terrace Lakes appeals to buyers who want newer, larger homes with water views and open space while staying inside Algonquin's convenient west-side grid. The blend of an established 2000s core and ongoing higher-end construction means a streetscape that mixes settled, landscaped lots with occasional new luxury builds, which suits move-up families who want room to spread out and a pond or park backdrop without leaving the Randall Road conveniences behind.
Day to day, the location is built around the car. Randall Road puts groceries, Algonquin Commons, restaurants, and Advocate medical facilities within a few minutes, and Route 62 and Route 31 handle regional trips, but there is no walkable downtown or train platform in the immediate area. That is the central tradeoff: excellent suburban convenience and space, in exchange for a commute and errand pattern that assumes driving.
The other honest tradeoffs are taxes and school confirmation. McHenry County effective tax rates are among the higher ranges in the region, so carrying costs on an upper-tier home are meaningful and should be modeled before buying. And because the subdivision sits near a school-district boundary zone, families should confirm the exact elementary, middle, and high school assignment for the specific address rather than assuming.
The questions buyers actually ask
Terrace Lakes FAQ
The questions I get most from buyers shopping Terrace Lakes. If yours isn't here, text 224-385-8779, same-day reply.
- What are property taxes like?
- Roughly $12,000 – $22,000 per year, depending on home size and value. McHenry County assessor records are the source of truth. Happy to pull a specific bill on any home you're considering.
- What's the typical closing timeline?
- 30 to 75 days from accepted offer to keys. Cash deals can close in two weeks. Conventional financing is usually closer to 75.
- What kind of homes are in Terrace Lakes?
- Predominantly two-story single-family detached homes, generally larger in size across both the older core and newer builds, commonly with three to six or more bedrooms. It is an upper-tier community for Algonquin.
- What do homes cost and how is the market?
- Pricing is upper tier for the area, with the newest custom construction reaching the luxury bracket. For current prices, days on market, and active inventory, see the live Market snapshot on this page, which updates from the MLS.
- Is there an HOA and what does it cover?
- Listing data shows association dues at essentially zero, so there is little to no meaningful recurring HOA fee on typical resales. Confirm on the specific listing, since shared ponds or open space could carry a small assessment or a special-service-area tax line on some parcels.
- Which schools serve Terrace Lakes?
- The likely district is Huntley Community School District 158 (Mackeben and Conley elementary, Heineman Middle, Huntley High), whose campus sits right next to the subdivision on Square Barn Road. Attendance can vary by exact address, so confirm with the district before relying on it.
- Are there really lakes?
- Yes. The community is built around water and open space, and a share of homes back to or overlook ponds. Nearby public open space includes Algonquin Lakes Park with trails and wetland ponds. Confirm which water features are private to the subdivision versus adjacent public parks.
- How are the commute and shopping?
- It is a car-oriented west-side location. Randall Road with Algonquin Commons and Advocate medical facilities, Algonquin Road (Route 62), and Route 31 are all close, with I-90 to the south for Chicago-direction commuting. There is no Metra station in Algonquin itself, so nearby commuter rail is in adjacent towns.
- Who is the real estate agent for Terrace Lakes?
- Joe Keegan is the local licensed Illinois real estate broker who covers Terrace Lakes in Algonquin, IL through Subdiview, a neighborhood-first home search for the Chicago suburbs and collar counties. Joe prices and negotiates from the live MRED sold comps for Terrace Lakes specifically, not national averages, and can help you buy or sell here. Reach Joe at 224-385-8779 or joe@joekeeganhomes.com.
Your local agent
Joe knows Terrace Lakes
Most agents will list anything. I focus on the places I actually know, and the things that move value here don't show up in the MLS write-up: which streets and buildings hold demand, what the HOA or assessments really cover, how the comps read once you account for condition and location, and where buyers consistently want to be.
When you're ready to tour or list, you want someone who has read the last 50 closed comps in this specific market, not a national average, and can tell you what they actually mean for your price. That's how I work. Text or call any time, and I'll give you a real take, not a brochure.
- Licensed Illinois broker
- Comp-driven pricing
- Algonquin specialist
- Honest local market take
- Brokerocity
Market snapshot
Terrace Lakes, by the numbers
Live MRED data, refreshed daily. The numbers below tell you what this market is doing today, not what Zillow's algorithm thinks it might be doing six weeks from now.
Typical list price
$1,599,000
Homes for sale right now
1
Avg time on market
91 days
Sold in the last year
4
This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC for the period August 4, 2025 through August 4, 2026. Midwest Real Estate Data, LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.
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