Lake Forest incorporated as a city on December 20, 1991. Prior to incorporation, the community had been known as El Toro. Following a vote in 2000, Lake Forest expanded its city limits to include the master-planned developments of Foothill Ranch and Portola Hills. This expansion brought new homes and commercial centers to the northeastern boundary of the city.
Lake Forest has two lakes from which the city gets its name. The lakes are man-made, and condominiums and custom homes ranging from large to small line their shores. Neighborhood associations manage the lakes (Lake 1, known as the Lake Forest Beach and Tennis Club, and Lake 2, the Sun and Sail Club.) Each facility features tennis courts, gyms, basketball courts, barbecue pits, volleyball courts, multiple swimming pools, saunas, hot tubs and club houses for social events.
The "forest" for which the city is also named lies in the area between Ridge Route, Jeronimo, Lake Forest and Serrano roads, and consists mostly of Eucalyptus trees. It is also man-made, and was created in the first decade of the 1900s when a local landowner, Dwight Whiting, planted 400 acres (1.6 km2) of Eucalyptus groves in the vicinity of Serrano Creek as part of a lumber operation intended to draw development to the area.
The population was 77,264 at the 2010 census.
Lake Forest has a low unemployment rate, a strong job market, and a pretty diverse economy. The main industries in the city include manufacturing, retail trade , and healthcare & social assistance services. although real estate in Lake Forest isn't exactly in demand, the market compensated this with relatively low prices and high appreciation rates. One of the most famous neighborhoods in the city is Foothill Rach. It has peaceful vibe, proximity to good schools and healthcare facilities make it attractive place for families, thus a very good prospect to investors. Although Lake Forest has low homebuyer activity compared to other parts of Orange County, it can provide opportunities for real estate investors in rental properties. Its population growth, strong job market, and affordable prices turn it into an area worth considering.
In October 2021, the median listing home price in Lake Forest, CA was $899.9K, trending up 16.9% year-over-year. The median listing home price per square foot was $493. The median home sold price was $905K. Homes in Lake Forest, CA sold for approximately the asking price on average in October 2021.
On average, homes in Lake Forest, CA sell after 50 days on the market. The trend for median days on market in Lake Forest, CA has gone up since last month, and slightly up since last year.There are 202 homes for sale in the city, 21 of which were newly listed within the last week ranging from $119K to $2.8M. Additionally, there are 48 rentals, with a range of $990 to $9.5K per month.There are 8 neighborhoods in Lake Forest. Baker Ranch has a median listing home price of $1.4M, making it the most expensive neighborhood. El Toro is the most affordable neighborhood, with a median listing home price of $345K.