Market Overview
Home Prices in Elk Grove Village, IL
The median home value in Elk Grove Village, IL is $406,675 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.8% compared to a year ago and up 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elk Grove Village are priced1% below average. Elk Grove Village is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Elk Grove Village home values have risen by approximately33.5%, reflecting strong long-term appreciation in this market.
Price History
Elk Grove Village Home Price Trend
City Comparison
Elk Grove Village vs. National Median
At $406,675, homes in Elk Grove Village cost 1% below the national median of $410,000. This makes Elk Grove Village a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elk Grove Village?
20% Down Payment
$81,335
on $406,675
Monthly P&I
$2,121/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,694/mo
incl. taxes & insurance
Income Needed
$107,760
gross annual (30% rule)
10% Down Option
$40,668
+ PMI applies
Loan Amount (20% dn)
$325,340
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 Elk Grove Village, IL?
The median home value in Elk Grove Village is $406,675 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.8% year-over-year.
How much have home prices changed in Elk Grove Village?
Over the past year, home values in Elk Grove Village have increased by 5.8%. Over five years, prices have risen approximately 33.5%.
How much do I need to earn to buy a home in Elk Grove Village?
To comfortably afford the median home price of $406,675 with a 20% down payment ($81,335) at today's rates (6.8%), you'd need a gross annual income of approximately $107,760. This assumes keeping total housing costs at or below 30% of gross income.
How does Elk Grove Village compare to the national average home price?
The national median home value is approximately $410,000. At $406,675, homes in Elk Grove Village are 1% below the national average.
What metro area is Elk Grove Village part of?
Elk Grove Village is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.