Plainfield · Will County · IL
Homes for sale in
Lakewood Falls.
- Active listings
- 2
- Median list
- $377K
- Avg time on market
- 2 days
- Sold · last year
- 4
Active listings
2 homes on the market
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About the community
A large, amenity-rich 1990s master-plan in northeast Plainfield.
Lakewood Falls is a large master-planned community on the northeast side of Plainfield, in Will County, sitting along Weber Road just south of Interstate 55, roughly 40 miles southwest of downtown Chicago. It was developed by Lakewood Homes and built out through the second half of the 1990s, one of the bigger single-developer communities in the area, with a mix of detached houses and attached duplex homes governed by a single community association. The character is classic 1990s Chicagoland: curving streets, mature trees, sidewalks, multiple ponds, and an on-site elementary school named for the neighborhood.
At a glance
Detached and duplex homes
A blend of single-family houses and attached duplex-style residences built mainly in the late 1990s.
Clubhouse and pool
Association amenities include a clubhouse, community pool, and outdoor tennis courts.
On-site elementary
Lakewood Falls Elementary in Plainfield CCSD 202 sits inside the community.
Ponds and open space
Roughly 17 water-retention ponds and more than 100 acres of common and park area.
I-55 at the doorstep
Weber Road just south of the interstate for a quick Chicago or Joliet commute.
Active community life
The association runs annual events and funds a neighborhood security patrol.
Entry-level to mid-market
Attached homes at the lower end and larger detached homes above, for the Plainfield area.
What’s close
Lakewood Falls sits on Weber Road just south of I-55 in northeast Plainfield, with Route 59's retail corridor a short drive west.
- Highway
- Weber Road just south of I-55, the community's primary connection toward Chicago or Joliet.
- Shopping
- Route 59, Plainfield's main north-south retail spine, a short drive west for shopping, groceries, and dining.
- Train
- Metra's Heritage Corridor line serves the area, with BNSF and SouthWest Service options within driving distance.
- Schools
- Plainfield CCSD 202; Lakewood Falls Elementary is on-site, with the middle and high school assignment to confirm by address.
- Amenities
- A clubhouse, community pool, tennis courts, community parks, a lakeside playground, and walking paths.
- Healthcare
- Plainfield and neighboring Bolingbrook and Joliet host full-service hospitals within a typical suburban drive.
What it’s actually like to live here
Lakewood Falls is a settled, family-oriented 1990s community built around water and green space. The everyday appeal is practical: an elementary school inside the community, ponds and more than 100 acres of common area to walk, a clubhouse with a pool and tennis, and an active association that runs holiday events and keeps up the roads and grounds. Because most of the homes went up in a fairly tight window in the late 1990s, the streetscape is cohesive and the trees have had a couple of decades to fill in, which gives the place a more established feel than a brand-new development.
The location is the other big draw. With I-55 immediately at hand and Route 59's retail corridor minutes away, residents get quick highway access for a Chicago-area commute while still buying into Plainfield's generally well-regarded District 202 schools. It is a strong fit for first-time and move-up buyers who want a maintained community with amenities without stepping up to luxury-community pricing.
The honest tradeoffs: this is 1990s housing stock, so many homes are reaching the age where roofs, mechanicals, and finishes may need updating, and floor plans reflect their era rather than current open-concept tastes. Property taxes are high, as they are across Will County. Proximity to I-55 and Weber Road is convenient but means traffic and road noise on the community's edges. And because the subdivision is large, confirm which specific schools and which dues tier apply to the exact home you are considering rather than assuming a single answer for the whole neighborhood.
The questions buyers actually ask
Lakewood Falls FAQ
The questions I get most from buyers shopping Lakewood Falls. If yours isn't here, text 224-385-8779, same-day reply.
- What does the HOA actually cover?
- Lakewood Falls is governed by the Lakewood Falls Community Association, which maintains the community's roads, more than 100 acres of common area, the ponds, and community parks, and funds a neighborhood security patrol and resident events. Dues are tiered by housing type: detached single-family homes pay the lower master-association tier, while the attached duplex and townhome section pays more because that assessment also covers lawn care and landscaping, exterior maintenance, and common insurance. Confirm the current dues and exactly what each tier covers with the association directly.
- When was Lakewood Falls built?
- Lakewood Homes built the community between 1995 and 1999.
- 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 there an HOA, and what does it cover?
- Yes. The Lakewood Falls Community Association maintains the community's roads, more than 100 acres of common area, the ponds, and community parks, and it funds a security patrol and resident events. Owners in the attached duplex and townhome section pay a higher assessment that also covers lawn care, exterior maintenance, and common insurance. Confirm your specific dues tier and inclusions with the association.
- What do homes cost here, and how is the market right now?
- Pricing and market conditions move over time, so the most accurate answer is the live Market snapshot on this page, which reflects current activity for Lakewood Falls rather than a stale figure. In general terms it is an entry-level-to-mid-market Plainfield community with both attached and detached homes.
- When was Lakewood Falls built, and by whom?
- It was developed by Lakewood Homes and built out primarily in the mid-to-late 1990s, with some sources noting continued construction into the early 2000s.
- What schools serve the community?
- It is in Plainfield CCSD 202. Lakewood Falls Elementary School is inside the neighborhood; the reported feeder path runs to Ira Jones Middle School and Plainfield North High School. Because the subdivision is large, confirm the exact assignment for a specific address using the district's school locator.
- What amenities do residents get?
- A clubhouse with a community pool and tennis courts, community parks, a lakeside playground, roughly 17 ponds, walking paths through more than 100 acres of common area, and community events through the year.
- How high are the property taxes?
- Plan on an approximate Will County effective rate in the range of about 2.0 to 2.6 percent of market value, with the exact bill depending on the tax code, assessed value, and exemptions. Verify the current rate for a specific parcel with the Will County Treasurer.
- Who is the real estate agent for Lakewood Falls?
- Joe Keegan is the local licensed Illinois real estate broker who covers Lakewood Falls in Plainfield, 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 Lakewood Falls 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 Lakewood Falls
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
- Plainfield specialist
- Honest local market take
- Brokerocity
Market snapshot
Lakewood Falls, 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
$376,750
Typical sale price · last 90 days
$302,450
Homes for sale right now
2
Avg time on market
2 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 6, 2025 through August 6, 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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What's your home actually worth?
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Schools serving Lakewood Falls
Where Lakewood Falls homes go to school
Homes in Lakewood Falls are most often zoned to Plainfield East HS and Romeoville 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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