Market Overview
Home Prices in Essex, IL
The median home value in Essex, IL is $292,519 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 13.4% compared to a year ago and up 1.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Essex are priced29% below average. Essex is part of the Kankakee, IL metro area.
Over the past five years, Essex home values have risen by approximately45.7%, reflecting strong long-term appreciation in this market.
Price History
Essex Home Price Trend
2020
$174,301
$174K
—
2021
$200,761
$201K
+15.2%
2022
$229,643
$230K
+14.4%
2023
$236,021
$236K
+2.8%
2024
$254,429
$254K
+7.8%
2025
$257,956
$258K
+1.4%
2026
$292,519
$293K
+13.4%
City Comparison
Essex vs. National Median
🏠 Essex
$292,519
National Median
$410,000
At $292,519, homes in Essex cost 29% below the national median of $410,000. This makes Essex a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Essex?
20% Down Payment
$58,504
on $292,519
Monthly P&I
$1,526/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,938/mo
incl. taxes & insurance
Income Needed
$77,520
gross annual (30% rule)
10% Down Option
$29,252
+ PMI applies
Loan Amount (20% dn)
$234,015
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 Essex, IL?
The median home value in Essex is $292,519 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 13.4% year-over-year.
How much have home prices changed in Essex?
Over the past year, home values in Essex have increased by 13.4%. Over five years, prices have risen approximately 45.7%.
How much do I need to earn to buy a home in Essex?
To comfortably afford the median home price of $292,519 with a 20% down payment ($58,504) at today's rates (6.8%), you'd need a gross annual income of approximately $77,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Essex compare to the national average home price?
The national median home value is approximately $410,000. At $292,519, homes in Essex are 29% below the national average.
What metro area is Essex part of?
Essex is part of the Kankakee, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.