Market Overview
Home Prices in Colfax, IL
The median home value in Colfax, IL is $178,656 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.8% compared to a year ago and up 0.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Colfax are priced56% below average. Colfax is part of the Bloomington, IL metro area.
Over the past five years, Colfax home values have risen by approximately36.1%, reflecting strong long-term appreciation in this market.
Price History
Colfax Home Price Trend
City Comparison
Colfax vs. National Median
At $178,656, homes in Colfax cost 56% below the national median of $410,000. This makes Colfax a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Colfax?
20% Down Payment
$35,731
on $178,656
Monthly P&I
$932/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,184/mo
incl. taxes & insurance
Income Needed
$47,360
gross annual (30% rule)
10% Down Option
$17,866
+ PMI applies
Loan Amount (20% dn)
$142,925
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 Colfax, IL?
The median home value in Colfax is $178,656 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.8% year-over-year.
How much have home prices changed in Colfax?
Over the past year, home values in Colfax have increased by 6.8%. Over five years, prices have risen approximately 36.1%.
How much do I need to earn to buy a home in Colfax?
To comfortably afford the median home price of $178,656 with a 20% down payment ($35,731) at today's rates (6.8%), you'd need a gross annual income of approximately $47,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Colfax compare to the national average home price?
The national median home value is approximately $410,000. At $178,656, homes in Colfax are 56% below the national average.
What metro area is Colfax part of?
Colfax is part of the Bloomington, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.