Market Overview
Home Prices in Elizabeth, IL
The median home value in Elizabeth, IL is $204,135 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7.9% compared to a year ago and up 9.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elizabeth are priced50% below average.
Over the past five years, Elizabeth home values have risen by approximately50.4%, reflecting strong long-term appreciation in this market.
Price History
Elizabeth Home Price Trend
2020
$125,227
$125K
—
2021
$135,692
$136K
+8.4%
2022
$158,436
$158K
+16.8%
2023
$164,938
$165K
+4.1%
2024
$172,244
$172K
+4.4%
2025
$189,250
$189K
+9.9%
2026
$204,135
$204K
+7.9%
City Comparison
Elizabeth vs. National Median
🏠 Elizabeth
$204,135
National Median
$410,000
At $204,135, homes in Elizabeth cost 50% below the national median of $410,000. This makes Elizabeth a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elizabeth?
20% Down Payment
$40,827
on $204,135
Monthly P&I
$1,065/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,353/mo
incl. taxes & insurance
Income Needed
$54,120
gross annual (30% rule)
10% Down Option
$20,414
+ PMI applies
Loan Amount (20% dn)
$163,308
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 Elizabeth, IL?
The median home value in Elizabeth is $204,135 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7.9% year-over-year.
How much have home prices changed in Elizabeth?
Over the past year, home values in Elizabeth have increased by 7.9%. Over five years, prices have risen approximately 50.4%.
How much do I need to earn to buy a home in Elizabeth?
To comfortably afford the median home price of $204,135 with a 20% down payment ($40,827) at today's rates (6.8%), you'd need a gross annual income of approximately $54,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Elizabeth compare to the national average home price?
The national median home value is approximately $410,000. At $204,135, homes in Elizabeth are 50% below the national average.