Accurate real-time gait event detection is the basis for the development of new gait rehabilitation techniques, especially when utilizing robotics or virtual reality (VR). The recent emergence of affordable wearable technologies, especially inertial measurement units (IMUs), has brought forth various new methods and algorithms for gait analysis. In this paper, we highlight some advantages of using adaptive frequency oscillators (AFOs) over traditional gait event detection algorithms, implemented a real-time AFO-based algorithm that estimates the gait phase from a single head-mounted IMU, and validated our method on a group of healthy subjects. Gait event detection was accurate at two different walking speeds. The method was reliable for symmetric, but not asymmetric gait patterns. Our method could prove especially useful in VR applications since a head-mounted IMU is already an integral part of commercial VR products.