Market Overview
Home Prices in Cerro Gordo, IL
The median home value in Cerro Gordo, IL is $145,328 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 10.6% compared to a year ago and up 9.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Cerro Gordo are priced65% below average. Cerro Gordo is part of the Champaign-Urbana, IL metro area.
Over the past five years, Cerro Gordo home values have risen by approximately13.6%, reflecting steady appreciation in this market.
Price History
Cerro Gordo Home Price Trend
City Comparison
Cerro Gordo vs. National Median
At $145,328, homes in Cerro Gordo cost 65% below the national median of $410,000. This makes Cerro Gordo a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Cerro Gordo?
20% Down Payment
$29,066
on $145,328
Monthly P&I
$758/mo
30-yr @ 6.8%
Total Monthly Est.
~$963/mo
incl. taxes & insurance
Income Needed
$38,520
gross annual (30% rule)
10% Down Option
$14,533
+ PMI applies
Loan Amount (20% dn)
$116,262
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Cerro Gordo, IL?
The median home value in Cerro Gordo is $145,328 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 10.6% year-over-year.
How much have home prices changed in Cerro Gordo?
Over the past year, home values in Cerro Gordo have decreased by 10.6%. Over five years, prices have risen approximately 13.6%.
How much do I need to earn to buy a home in Cerro Gordo?
To comfortably afford the median home price of $145,328 with a 20% down payment ($29,066) at today's rates (6.8%), you'd need a gross annual income of approximately $38,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Cerro Gordo compare to the national average home price?
The national median home value is approximately $410,000. At $145,328, homes in Cerro Gordo are 65% below the national average.
What metro area is Cerro Gordo part of?
Cerro Gordo is part of the Champaign-Urbana, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.