McHenry · McHenry County · IL
Homes for sale in
Waters Edge.
- Active listings
- 0
- Median list
- $200K
- Avg time on market
- 18 days
- Sold · last year
- 7
Active listings
0 homes on the market
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About the community
An attainable, established McHenry community near the Fox River.
Waters Edge is a mature residential community on the west side of McHenry, in the Fox River and Boone Creek corridor that runs through the center of town. Public records describe it primarily as an attached-home community of townhomes and condominiums built from the mid-1970s into the mid-1980s, organized under the Waters Edge No 1 homeowners association. It is one of the more attainable ownership options in McHenry, and its appeal is location and low upkeep: a tree-lined, sidewalk-served neighborhood within minutes of the Fox River Riverwalk, downtown McHenry, and the Route 31 and Route 120 corridors. Confirm the exact product type for any specific address, since a small detached element may exist.
At a glance
Townhome and condo product
Predominantly attached homes in a small set of repeating floor plans, generally two to three bedrooms.
Managed HOA
The Waters Edge No 1 association handles common-area upkeep; confirm the current monthly assessment per unit.
Fox River corridor
Set in McHenry's river and creek corridor, minutes from the public Riverwalk, boat launches, and Petersen Park.
McHenry Districts 15 and 156
Served by McHenry CCSD 15 for elementary and middle school and McHenry CHSD 156 for high school; confirm by address.
Hospital close by
Northwestern Medicine McHenry Hospital is nearby on Route 31 at Bull Valley Road.
McHenry Metra branch
The McHenry station anchors a peak-direction branch of the Union Pacific Northwest line toward Chicago.
Route 31 and Route 120
The two main McHenry arterials handle most daily trips and connect to the wider county.
Mature, walkable setting
An established, tree-lined community with sidewalks near downtown McHenry's Green Street district.
What’s close
Waters Edge sits on the west side of McHenry, west of Crystal Lake Road and near Route 120, in the Fox River and Boone Creek corridor.
- River and parks
- The Fox River Riverwalk, boat launches, and Petersen Park are close by in McHenry's public riverfront.
- Shopping
- The Route 31 and Route 120 retail corridors and historic downtown McHenry along Green Street.
- Hospital
- Northwestern Medicine McHenry Hospital on Route 31 at Bull Valley Road, with an outpatient campus on Richmond Road.
- Highway
- Illinois Route 31 and Route 120, the primary north-south and east-west routes through McHenry.
- Schools
- McHenry CCSD 15 (elementary and middle) and McHenry CHSD 156 (McHenry High School); confirm the assigned schools by address.
- Train
- The McHenry Metra station is the terminus of a peak-only branch of the Union Pacific Northwest line; off-peak riders often use the Crystal Lake mainline station.
What it’s actually like to live here
Waters Edge suits buyers who want an affordable, low-maintenance foothold in McHenry without giving up proximity to the water and the town core. The attached-home format and the HOA mean much of the exterior upkeep is handled for you, which appeals to first-time buyers, downsizers, and people who would rather not manage a yard. You are minutes from the Fox River, the Riverwalk, boat launches, and downtown's restaurants and events, so McHenry's water-town character is part of daily life here even when a given unit is not directly on the water.
The tradeoffs are the usual ones for an established attached-home community. You pay a monthly assessment on top of taxes, and you live under association rules covering exterior standards, pets, and leasing, so it is less freedom than a detached single-family home. The housing stock dates to the late 1970s and early 1980s, so individual units vary a lot depending on how well they have been updated, and mechanicals, windows, kitchens, and baths are worth close inspection.
Commuting is the honest asterisk. McHenry has its own Metra station, but it is a peak-direction branch with limited daily trains, so a reverse commuter or a rider who misses the window often drives to the Crystal Lake mainline station instead. For drivers, Routes 31 and 120 handle most trips, and the hospital, schools, and shopping are all close. It is a practical, value-oriented place rather than a luxury or acreage play.
Market trends
Why this market moves the way it does
Waters Edge is an entry-level, attached-home community, so it trades on price, condition, and the monthly cost of ownership rather than on prestige. Because the floor plans repeat, updated units stand out and dated ones lag, and buyers weigh the assessment and taxes as carefully as the sale price.
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.
- Attainable price point
- As one of the more affordable ownership options in McHenry, the community draws steady interest from first-time buyers, downsizers, and investors.
- Condition and updates
- With repeating late-1970s and early-1980s floor plans, a renovated kitchen, baths, and newer mechanicals separate a strong unit from a tired one.
- Low-maintenance format
- The HOA handling exterior upkeep is a durable draw for buyers who want to avoid yard work and outside maintenance.
- Location near the river and town
- Proximity to the Fox River, the Riverwalk, and downtown McHenry supports demand versus more isolated pockets.
- Monthly carrying cost
- The combination of assessment plus McHenry County taxes is a real factor buyers underwrite alongside the purchase price.
Real talk
Who shouldn’t buy here
Here is the honest version before you tour.
Confirm the product type and the association for the specific address. Public records describe Waters Edge primarily as townhomes and condominiums, and the monthly assessment and what it covers vary by unit and sub-association, so pull the current disclosure packet rather than assuming.
These are homes from the late 1970s and early 1980s, so condition is everything. Two units at a similar price can be very different once you look at the furnace, the windows, the roof responsibility, and whether the kitchen and baths have been touched since the original build. Get a specific unit inspected rather than assuming the community is uniform.
McHenry County property-tax rates run on the higher side, and the McHenry Metra branch is peak-only, so factor both the tax bill and the real commute into your decision. The value and the location are the reasons to be here; the assessment, the taxes, and the drive are what to verify first.
One piece of advice
“Waters Edge is a sensible, attainable way into McHenry near the river, and the low-maintenance format is a genuine draw. Just confirm the exact product type and the association assessment for the specific unit, look hard at condition given the age of the stock, and check the tax bill and your real commute. Do that and it can be a smart, budget-friendly buy.”
The questions buyers actually ask
Waters Edge FAQ
The questions I get most from buyers shopping Waters Edge. If yours isn't here, text 224-385-8779, same-day reply.
- How much is the HOA?
- townhomes and condos are $250 per month.
- What does the HOA actually cover?
- Waters Edge is governed by the Waters Edge No 1 homeowners association (professionally managed). Reported monthly assessments run roughly $208 to $380 depending on the unit and sub-association. For an attached-home community of this era, dues typically fund common-area landscaping, snow removal, and exterior and building upkeep, but confirm the exact assessment and what it covers (including whether water or trash are bundled) with the management company and the current disclosure documents.
- What are property taxes like?
- Roughly $4,000 – $7,500 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 60 days from accepted offer to keys. Cash deals can close in two weeks. Conventional financing is usually closer to 60.
- Is Waters Edge single-family houses or townhomes and condos?
- Public records describe it primarily as an attached-home community of townhomes and condominiums built in the late 1970s to mid-1980s, governed by the Waters Edge No 1 HOA. A small detached element may exist per some sources, so confirm the exact product type for any specific address before you write an offer.
- Is there an HOA, and what does it cost?
- Yes. The Waters Edge No 1 association is professionally managed, and reported monthly assessments run roughly $208 to $380 depending on the unit and sub-association. Confirm the exact fee and what it includes, such as landscaping, snow, exterior upkeep, and whether water or trash are bundled, with the management company and the current disclosure packet.
- What schools would my kids attend?
- McHenry is served by McHenry CCSD 15 for elementary and middle school and by McHenry CHSD 156, which operates McHenry High School, for high school. Attendance is set by address and can change, so verify the assigned schools on each district's boundary lookup for the specific unit.
- What do homes cost here, and how is the market?
- Waters Edge is one of the more attainable ownership options in McHenry, and well-kept units tend to draw steady interest. For current and accurate numbers, including typical prices, how fast homes are selling, and what is active, see the live Market snapshot on this page, which updates from the MLS rather than a figure that would go stale.
- Does Waters Edge have a private lake, dock, or water access?
- The community sits in McHenry's Fox River and Boone Creek corridor and carries a water-themed name, and public riverfront amenities are close by. We could not confirm a private lake, private dock, or deeded water rights from the association's own documents, so if on-site or deeded water access matters to you, verify it in the governing documents and the listing disclosures before relying on it.
- What is the tradeoff of living here?
- Cost of ownership and the age of the homes. You pay a monthly assessment plus McHenry County taxes on top of the purchase price, and the stock dates to the late 1970s and early 1980s, so condition varies unit to unit. The location near the river and downtown and the low-maintenance format are what buyers pay for.
- Who is the real estate agent for Waters Edge?
- Joe Keegan is the local licensed Illinois real estate broker who covers Waters Edge in McHenry, 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 Waters Edge 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 Waters Edge
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
- McHenry specialist
- Honest local market take
- Brokerocity
Market snapshot
Waters Edge, 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
$200,000
Typical sale price · last 90 days
$224,250
Avg time on market
18 days
Sold in the last year
7
This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC for the period August 7, 2025 through August 7, 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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