Mundelein · Lake County · IL
Homes for sale in
Oak Terrace.
- Active listings
- 1
- Median list
- $270K
- Avg time on market
- 15 days
- Sold · last year
- 6
Active listings
1 home on the market
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About the community
A lake neighborhood first and a subdivision second, on the south shore of Diamond Lake.
Oak Terrace is a single family lake community on the south and southwest shore of Diamond Lake with a Mundelein 60060 mailing address. The thing to understand up front is that most of it is not inside the Village of Mundelein: it sits in unincorporated Lake County, Fremont Township, which is why the neighborhood's own association points residents to the Lake County Sheriff, Lake County Building and Zoning, and the Fremont Township Highway Department. This is an old lake district rather than a planned subdivision. Cottage development around Diamond Lake began in earnest in the 1920s, and what exists today is a century of layered building: original summer cottages, mid century year round conversions, and later teardown and rebuild infill.
At a glance
Private Beach Park
The association's own lakefront with a sand play area, community pier, and boat launch. Access requires a key fob issued to owners in good standing.
Boat slips and ramp keys
Rentable slips at the community pier and boat ramp keys, both billed separately from dues and allocated annually.
Mostly unincorporated
Lake County Sheriff for police, Lake County Building and Zoning for permits, Fremont Township for roads and plowing, Countryside Fire for fire and EMS.
District 76 inside the grid
The Diamond Lake District 76 West Oak campus at 500 Acorn Lane sits within the neighborhood's own streets.
A century of building
Cottages, mid century conversions, and full custom rebuilds sit side by side, so lot and home sizes vary widely.
An unusually active association
Summerfest at Beach Park, an Easter egg hunt, a cardboard boat regatta, and formal golf cart community status under a township ordinance.
What’s close
Oak Terrace sits on the south and southwest shore of Diamond Lake, reached off Illinois Route 60 and 83 and Diamond Lake Road, in unincorporated Fremont Township with a Mundelein mailing address.
- Lake
- Diamond Lake, a 153 acre glacial lake with the association's private Beach Park, pier, and launch on the south shore.
- Schools
- Diamond Lake School District 76 for elementary and middle school, with the West Oak campus at 500 Acorn Lane inside the neighborhood, and Mundelein High School District 120. Verify by address.
- Highway
- Illinois Route 60 and 83 along the north edge with Diamond Lake Road as the north south connector, and I-94 roughly eight miles east through Vernon Hills.
- Train
- The Mundelein station on Metra's North Central Service, a weekday only line with no weekend or holiday service. Riders who need seven day rail often drive to Libertyville on the Milwaukee District North.
- Shopping
- Hawthorn Mall and the Vernon Hills retail corridor are a straight shot east on Route 60, with downtown Libertyville a few miles further.
- Hospital
- Advocate Condell Medical Center in Libertyville, roughly five miles east, the only Level I trauma center in Lake County.
What it’s actually like to live here
Oak Terrace is a lake neighborhood first and a subdivision second. The organizing fact of daily life is Diamond Lake and the association's private Beach Park on its south shore: a fob on your keyring, a slip at the community pier if you rent one, a ramp key if you trailer a boat, and a stretch of sand where the neighborhood's kids end up on summer evenings. The association calendar is genuinely active in a way most Lake County subdivisions cannot claim, with a Summerfest block party at Beach Park, an Easter egg hunt run by a resident volunteer, a cardboard boat regatta, and board meetings held outdoors at the park when the weather cooperates. Golf carts are a normal way to get around, formalized under a township ordinance.
The tradeoff is that you are buying into unincorporated Lake County, and that changes how a lot of things work. Police response comes from the Lake County Sheriff rather than a village department, building permits go through Lake County Building and Zoning, and snowplowing, paving, and brush chipping come from the Fremont Township Highway Department. Water is a community system: Lake County Public Works operates the Oak Terrace Water System, and a federally funded project has been building a new well house on the West Oak Middle School property to serve both the school and the neighborhood. Sanitary service is a separate question that project does not address, so confirm for a specific address whether the home is on private septic and, if so, budget for an inspection and pull the Lake County Health Department's records.
The other honest items are about the housing stock and the lake. A street here can hold a 1930s cottage that has been added onto three times sitting next to a full custom rebuild from the 2000s, which means inspection matters more than in a uniform vintage subdivision and comparable sales are less comparable than usual. Route 60 and 83 runs along the north edge and carries real traffic. Diamond Lake is a working recreational lake with real management costs and real invasive species pressure, and the association budgets for aquatic weed treatment every year in coordination with the park district. And the public beach on the southeast shore, run by the Mundelein Park District since 1973, did not reopen in 2026 and is not returning in its traditional form. The park district has adopted a master plan to convert that site into a year round destination called The Landing on Diamond Lake, with a first phase running 2026 through 2028. That is a long term upgrade for the lake, but a family expecting a public swimming beach on day one will be disappointed. Oak Terrace's own private Beach Park is separate from that closure and remains association run.
The questions buyers actually ask
Oak Terrace FAQ
The questions I get most from buyers shopping Oak Terrace. If yours isn't here, text 224-385-8779, same-day reply.
- How much is the HOA?
- Single-family homes are $14 per month.
- What does the HOA actually cover?
- The Oak Terrace Improvement Association is a mandatory association with recorded covenants. At its November 2022 annual meeting the treasurer presented a 2023 budget with annual dues of $170, a figure noted as unchanged for the prior four years, so confirm the current amount with the association before you rely on it. Dues maintain the association's common property, which includes Beach Park with its sand play area, community pier, and boat launch, plus Lakeview Park and Hansen Park, along with park landscaping and trash, tree work, park lighting, signage, community events, insurance, and the association's share of annual Diamond Lake aquatic weed treatment. Beach Park access requires a key fob issued to owners in good standing, one per household. Boat slips and boat ramp keys are billed separately from dues. Roads, plowing, and paving are handled by Fremont Township rather than the association.
- What are property taxes like?
- Roughly $7,000 – $11,000 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 45 days from accepted offer to keys. Cash deals can close in two weeks. Conventional financing is usually closer to 45.
- Is Oak Terrace actually in the Village of Mundelein?
- Mostly no. Oak Terrace has a Mundelein 60060 mailing address, but the neighborhood sits in unincorporated Lake County, Fremont Township. The Village borders the east and north shores of Diamond Lake, and the rest of the shoreline, including Oak Terrace's side, is unincorporated. In practice that means the Lake County Sheriff handles police calls, Lake County Building and Zoning issues permits, Fremont Township plows and paves the street, Countryside Fire Protection District covers fire and EMS, and garbage comes through a private hauler contract. Verify jurisdiction for a specific address before assuming village services.
- Is there an HOA, what does it cost, and what do I get?
- Yes. The Oak Terrace Improvement Association is a mandatory association with recorded covenants, and dues have been modest by suburban standards. The association's 2023 budget carried annual dues of $170, a figure its treasurer noted had been unchanged for the previous four years, so confirm the current amount with the association. Dues maintain the association's common property, which includes Beach Park on Diamond Lake, Lakeview Park, and Hansen Park, plus landscaping, lighting, insurance, community events, and the association's share of annual lake weed treatment. Beach Park access requires a key fob issued to owners in good standing, one per household.
- Do I get lake access, and can I keep a boat?
- Owners in good standing get a key fob for the association's private Beach Park, which includes a sand play area, a community pier, and a boat launch. Boat slips at the community pier are rented separately and allocated annually, and boat ramp keys are purchased and reissued each season, so availability is not guaranteed and you should ask about the current waitlist before counting on a slip. Diamond Lake is a 153 acre glacial lake where motorized watercraft are permitted from dawn until 10 p.m. under the Mundelein Park District's rules. Note that there is no lifeguard at Beach Park and pets are not permitted there.
- What schools would my kids attend?
- Oak Terrace is served by Diamond Lake School District 76 for elementary and middle school and Mundelein Consolidated High School District 120 for high school. The District 76 West Oak campus at 500 Acorn Lane is literally inside the neighborhood's street grid, and Diamond Lake School is on Diamond Lake Road just south of Routes 60 and 83. One clarification worth making: there is an unrelated Oak Terrace Elementary School in Highwood that belongs to North Shore School District 112 and has nothing to do with this neighborhood. Because Oak Terrace is unincorporated and township lines do not match district lines, confirm the assignment for your exact address with both districts before you rely on it.
- Where do water and sewer come from?
- Water is a community system operated by Lake County Public Works, the Oak Terrace Water System. LCPW has been completing a federally funded project to build a new well house on the West Oak Middle School property serving both the school and the neighborhood, bringing recently installed water mains online and installing meters for system residents. Sanitary service is a separate question that the project does not cover, so confirm for a specific address whether the home is on a private septic system. If it is, budget for a septic inspection and pull the Lake County Health Department's records as part of your due diligence.
- What do homes cost here, and how is the market?
- Oak Terrace has one of the widest value spreads of any single neighborhood in the Mundelein area, because a century of building sits side by side: original lake cottages, mid century conversions, and full custom rebuilds, plus a real premium on waterfront and channel front parcels. That makes any single average misleading. Check the Market snapshot on this page for current activity, and ask for a street level comparable analysis rather than a neighborhood wide number, because the right comp here is usually two blocks away rather than two doors down. On taxes, an unincorporated parcel here generally pays no Village of Mundelein municipal levy but does pay Fremont Township, the township road district, Countryside Fire, and the Fremont library district on top of the school districts, so the composite effective rate lands in the same general band as incorporated Mundelein, roughly the low to mid 2 percent range of market value. Verify per parcel with Lake County.
- Who is the real estate agent for Oak Terrace?
- Joe Keegan is the local licensed Illinois real estate broker who covers Oak Terrace in Mundelein, 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 Oak Terrace 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 Oak Terrace
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
- Mundelein specialist
- Honest local market take
- Brokerocity
Market snapshot
Oak Terrace, 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
$269,900
Homes for sale right now
1
Avg time on market
15 days
Sold in the last year
6
This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC for the period August 18, 2025 through August 18, 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 Oak Terrace
Where Oak Terrace homes go to school
Homes in Oak Terrace are most often zoned to Mundelein 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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