Market Overview
Home Prices in Elmwood, IL
The median home value in Elmwood, IL is $191,668 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7% compared to a year ago and up 4.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Elmwood are priced53% below average. Elmwood is part of the Peoria, IL metro area.
Over the past five years, Elmwood home values have risen by approximately32.8%, reflecting strong long-term appreciation in this market.
Price History
Elmwood Home Price Trend
City Comparison
Elmwood vs. National Median
At $191,668, homes in Elmwood cost 53% below the national median of $410,000. This makes Elmwood a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Elmwood?
20% Down Payment
$38,334
on $191,668
Monthly P&I
$1,000/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,270/mo
incl. taxes & insurance
Income Needed
$50,800
gross annual (30% rule)
10% Down Option
$19,167
+ PMI applies
Loan Amount (20% dn)
$153,334
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 Elmwood, IL?
The median home value in Elmwood is $191,668 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7% year-over-year.
How much have home prices changed in Elmwood?
Over the past year, home values in Elmwood have increased by 7%. Over five years, prices have risen approximately 32.8%.
How much do I need to earn to buy a home in Elmwood?
To comfortably afford the median home price of $191,668 with a 20% down payment ($38,334) at today's rates (6.8%), you'd need a gross annual income of approximately $50,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Elmwood compare to the national average home price?
The national median home value is approximately $410,000. At $191,668, homes in Elmwood are 53% below the national average.
What metro area is Elmwood part of?
Elmwood is part of the Peoria, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.