Buffalo Grove · Lake County · IL
Homes for sale in
Cambridge on the Lake.
- Active listings
- 4
- Median list
- $250K
- Avg time on market
- 38 days
- Sold · last year
- 17
Active listings
4 homes on the market
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About the community
An attached-home community built around a lake in Buffalo Grove.
Cambridge on the Lake is an established attached-home community on the south side of Buffalo Grove, built across the 1970s into the early 1980s. Its defining feature is a central lake with a fountain that the buildings and common areas are oriented around, which is where the community gets its name. The homes are a mix of condominium and townhome-style units, some in multi-story buildings, and the community reads as a wooded, water-oriented, value-minded entry point into a northwest suburb known for its schools and quality of life. It suits first-time buyers, downsizers, and investors who want low-maintenance ownership near the tollway network and O'Hare.
At a glance
Built around a lake
A central lake with a fountain anchors the community and its common areas.
Condo and townhome units
A 1970s-era mix of attached homes, some in multi-story buildings. Confirm unit type per listing.
Low-maintenance living
Association-handled exterior care, landscaping, and snow removal.
Community amenities
Listings cite a pool, clubhouse, and fitness space. Confirm current amenities with the association.
Feeds Stevenson area schools
Typically District 96 or District 102 for K-8, generally feeding Stevenson High School District 125. Confirm by address.
Metra North Central Service
Buffalo Grove and Prairie View stations offer weekday trains toward Chicago.
Route 83 and Dundee Road
Quick access to Route 83, Dundee Road, and Lake Cook Road.
Close to O'Hare
O'Hare is roughly a 25 to 30 minute drive south. Confirm current drive time.
What’s close
Cambridge on the Lake sits along Lake Boulevard near Dundee Road and Route 83, with Lake Cook Road a short distance south into Cook County.
- Shopping
- Retail along Dundee Road, Lake Cook Road, and Milwaukee Avenue serves the area, with grocery, dining, and big-box options nearby.
- Train
- Metra North Central Service from the Buffalo Grove and Prairie View stations, which run weekday service only.
- Highway
- Route 83 and Dundee Road locally, with Lake Cook Road opening up the wider northwest suburbs.
- Airport
- O'Hare is roughly 25 to 30 minutes south. Confirm current drive time.
- Hospital
- A Northwest Community Healthcare outpatient center is in Buffalo Grove, with full hospitals in Arlington Heights and Libertyville.
- Schools
- Typically Kildeer Countryside District 96 or Aptakisic-Tripp District 102 for K-8, generally feeding Stevenson High School District 125. Confirm by address.
What it’s actually like to live here
Cambridge on the Lake offers a quiet, water-oriented condo lifestyle at one of the more accessible price points in Buffalo Grove. The central lake and fountain give the community a real sense of place, and the shared amenities support an easy routine where exterior upkeep, landscaping, and snow removal are handled at the association level. For buyers who want to be in Buffalo Grove for its schools, safety reputation, and northwest-suburb convenience without the cost or upkeep of a single-family home, it is a practical fit.
Daily life leans on the location. Dundee Road and Route 83 put groceries, dining, and services minutes away, Lake Cook Road opens up the wider suburbs, and two Metra North Central Service stations in the village give a rail option toward downtown Chicago, with O'Hare an easy drive south. It is a convenient base for commuters and for anyone who values being central to the northwest suburbs.
The honest tradeoffs are vintage, dues, and the rail schedule. This is 1970s attached housing, so floor plans, finishes, and building systems reflect that era unless a unit has been updated, and some buildings are multi-story with shared corridors rather than private-entry townhomes. Monthly assessments are a real ongoing cost on top of Lake County's relatively high property taxes, so budget for both and read the association's reserves and budget carefully. Metra's North Central Service also runs weekday only with limited daily trains, which matters if you count on rail for evenings or weekends, and because Buffalo Grove spans two counties and several school districts, confirm school assignment for the exact address.
Market trends
Why this market moves the way it does
Cambridge on the Lake trades as an affordable, low-maintenance entry into a desirable northwest-suburban address, so demand comes steadily from first-time buyers, downsizers, and investors. Within the community, price turns on unit type, size, and updates, on whether a unit overlooks the water, and on the monthly assessment and the association's financial health.
What holds value
The fundamentals matter more than the cosmetics here. Buyers want floor plan, lot, and basement, in that order. Cosmetics are the tiebreaker.
- The Buffalo Grove address
- Schools, safety reputation, and northwest-suburb convenience keep steady interest in attainable attached homes here.
- Lake views and position
- Units that overlook the central lake and fountain carry an edge over interior-facing homes.
- Interior updates
- In 1970s-era housing, a renovated unit sells at a premium to a dated original of the same footprint.
- Assessment and reserves
- A healthy budget and reserves support value. A thin reserve or looming special assessment weighs on it.
- Unit type
- Condo flats and townhome-style units attract different buyers and price on different terms, so know which you are comparing.
Real talk
Who shouldn’t buy here
Here is the honest version before you tour.
This is 1970s attached housing, so unless a unit has been updated, expect period floor plans, finishes, and building systems. Some buildings are multi-story with shared corridors rather than private-entry townhomes, so confirm exactly what a given listing is before you picture a walk-up townhouse.
Two ongoing costs stack here: the monthly assessment and Lake County's relatively high property taxes. Confirm the current assessment and what it covers, read the association's budget and reserve study, and budget both alongside the mortgage rather than focusing on the purchase price alone.
Metra's North Central Service is weekday-only with a limited number of daily trains, so it is a genuine commuter option on workdays but not an evening or weekend one. And because Buffalo Grove straddles two counties and several school districts, do not assume a school. Verify the exact assignment for the specific address.
One piece of advice
“Cambridge on the Lake is one of the more affordable ways into Buffalo Grove, and for a first-time buyer, downsizer, or investor who wants low maintenance and a real sense of place around the water, it delivers. Just treat it as the 1970s community it is: confirm the unit type and updates, read the association's reserves, budget the assessment and Lake County taxes together, and verify the schools by address. Do that and it is an easy value story to like.”
The questions buyers actually ask
Cambridge on the Lake FAQ
The questions I get most from buyers shopping Cambridge on the Lake. If yours isn't here, text 224-385-8779, same-day reply.
- What does the HOA actually cover?
- This is an association-governed attached-home community, with monthly assessments that vary by unit size and building. Associations of this era commonly cover exterior and common-area maintenance, landscaping, snow removal, shared amenities, and often water, but the exact inclusion list should be confirmed from the association's current budget and disclosure documents. Confirm the current management company, the assessment amount, and reserve status for the specific unit.
- What are property taxes like?
- Roughly $4,500 – $7,000 per year, depending on home size and value. Lake 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 60 days from accepted offer to keys. Cash deals can close in two weeks. Conventional financing is usually closer to 60.
- Is Cambridge on the Lake townhomes or condos?
- It is an attached-home community that includes both condominium and townhome-style units, with some homes in multi-story buildings. Unit type varies by address, so confirm what a specific listing is, condo or townhome, walk-up or elevator building.
- Is there really a lake?
- Yes. The community is built around a central lake with a fountain, and common areas including a patio and sundeck overlook the water. It is the feature the community is named for.
- What do the monthly assessments cover?
- Assessments are billed monthly and vary by unit and building. Associations of this era commonly cover exterior and common-area maintenance, landscaping, snow removal, shared amenities, and often water. Confirm the exact inclusions and the current amount from the association's budget and disclosure documents.
- What schools serve Cambridge on the Lake?
- It sits in the Lake County part of Buffalo Grove, typically served by Kildeer Countryside District 96 or Aptakisic-Tripp District 102 for K-8, both of which generally feed Adlai E. Stevenson High School in District 125. Because the village spans multiple districts, confirm the exact assignment for your address.
- How is the commute downtown and to O'Hare?
- Buffalo Grove has two Metra North Central Service stations, Buffalo Grove and Prairie View, offering weekday trains toward Chicago Union Station, though that line does not run on weekends. By car, Dundee Road, Route 83, and Lake Cook Road provide quick access to the northwest suburbs, and O'Hare is roughly 25 to 30 minutes away.
- What do homes cost here and how is the market?
- Cambridge on the Lake is one of the more affordable attached-home options in Buffalo Grove, popular with first-time buyers, downsizers, and investors. See the live Market snapshot on this page for current prices, assessments context, and how the market is moving rather than a fixed number.
- Who is the real estate agent for Cambridge on the Lake?
- Joe Keegan is the local licensed Illinois real estate broker who covers Cambridge on the Lake in Buffalo Grove, 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 Cambridge on the Lake 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 Cambridge on the Lake
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
- Buffalo Grove specialist
- Honest local market take
- Brokerocity
Market snapshot
Cambridge on the Lake, 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
$249,950
Typical sale price · last 90 days
$289,000
Homes for sale right now
4
Avg time on market
38 days
Sold in the last year
17
This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC for the period August 10, 2025 through August 10, 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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Schools serving Cambridge on the Lake
Where Cambridge on the Lake homes go to school
Homes in Cambridge on the Lake are most often zoned to Wheeling HS. Open a school to see its area, the district, and every home for sale that feeds it.
School assignment is derived from the school the MRED listing agent entered and is not a guarantee. Always verify current attendance boundaries with the district before writing an offer.
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