Market Overview
Home Prices in Erie, IL
The median home value in Erie, IL is $176,258 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.7% compared to a year ago and up 6.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Erie are priced57% below average. Erie is part of the Sterling, IL metro area.
Over the past five years, Erie home values have risen by approximately24.4%, reflecting strong long-term appreciation in this market.
Price History
Erie Home Price Trend
2020
$129,065
$129K
—
2021
$141,643
$142K
+9.7%
2022
$152,768
$153K
+7.9%
2023
$155,193
$155K
+1.6%
2024
$157,029
$157K
+1.2%
2025
$166,710
$167K
+6.2%
2026
$176,258
$176K
+5.7%
City Comparison
Erie vs. National Median
🏠 Erie
$176,258
National Median
$410,000
At $176,258, homes in Erie cost 57% below the national median of $410,000. This makes Erie a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Erie?
20% Down Payment
$35,252
on $176,258
Monthly P&I
$919/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,167/mo
incl. taxes & insurance
Income Needed
$46,680
gross annual (30% rule)
10% Down Option
$17,626
+ PMI applies
Loan Amount (20% dn)
$141,006
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 Erie, IL?
The median home value in Erie is $176,258 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.7% year-over-year.
How much have home prices changed in Erie?
Over the past year, home values in Erie have increased by 5.7%. Over five years, prices have risen approximately 24.4%.
How much do I need to earn to buy a home in Erie?
To comfortably afford the median home price of $176,258 with a 20% down payment ($35,252) at today's rates (6.8%), you'd need a gross annual income of approximately $46,680. This assumes keeping total housing costs at or below 30% of gross income.
How does Erie compare to the national average home price?
The national median home value is approximately $410,000. At $176,258, homes in Erie are 57% below the national average.
What metro area is Erie part of?
Erie is part of the Sterling, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.