Bannockburn is a village in the West Deerfield and Vernon townships of Lake County, Illinois, United States. The population was 1,429 at the 2000 census^[1]. It is named for the Scottish village of Bannockburn. Real estate prices in Bannockburn are very high; the average real estate value for a home in Bannockburn in 2005 was $1,279,700.^[2]