Market Overview
Home Prices in Cherry Valley, IL
The median home value in Cherry Valley, IL is $304,323 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.6% compared to a year ago and up 5.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Cherry Valley are priced26% below average. Cherry Valley is part of the Rockford, IL metro area.
Over the past five years, Cherry Valley home values have risen by approximately47.2%, reflecting strong long-term appreciation in this market.
Price History
Cherry Valley Home Price Trend
City Comparison
Cherry Valley vs. National Median
At $304,323, homes in Cherry Valley cost 26% below the national median of $410,000. This makes Cherry Valley a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Cherry Valley?
20% Down Payment
$60,865
on $304,323
Monthly P&I
$1,587/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,015/mo
incl. taxes & insurance
Income Needed
$80,600
gross annual (30% rule)
10% Down Option
$30,432
+ PMI applies
Loan Amount (20% dn)
$243,458
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 Cherry Valley, IL?
The median home value in Cherry Valley is $304,323 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.6% year-over-year.
How much have home prices changed in Cherry Valley?
Over the past year, home values in Cherry Valley have increased by 8.6%. Over five years, prices have risen approximately 47.2%.
How much do I need to earn to buy a home in Cherry Valley?
To comfortably afford the median home price of $304,323 with a 20% down payment ($60,865) at today's rates (6.8%), you'd need a gross annual income of approximately $80,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Cherry Valley compare to the national average home price?
The national median home value is approximately $410,000. At $304,323, homes in Cherry Valley are 26% below the national average.
What metro area is Cherry Valley part of?
Cherry Valley is part of the Rockford, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.