Market Overview
Home Prices in Franklin Grove, IL
The median home value in Franklin Grove, IL is $199,214 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 16.1% compared to a year ago and up 5.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Franklin Grove are priced51% below average. Franklin Grove is part of the Dixon, IL metro area.
Over the past five years, Franklin Grove home values have risen by approximately40.8%, reflecting strong long-term appreciation in this market.
Price History
Franklin Grove Home Price Trend
City Comparison
Franklin Grove vs. National Median
At $199,214, homes in Franklin Grove cost 51% below the national median of $410,000. This makes Franklin Grove a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Franklin Grove?
20% Down Payment
$39,843
on $199,214
Monthly P&I
$1,039/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,320/mo
incl. taxes & insurance
Income Needed
$52,800
gross annual (30% rule)
10% Down Option
$19,921
+ PMI applies
Loan Amount (20% dn)
$159,371
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 Franklin Grove, IL?
The median home value in Franklin Grove is $199,214 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 16.1% year-over-year.
How much have home prices changed in Franklin Grove?
Over the past year, home values in Franklin Grove have increased by 16.1%. Over five years, prices have risen approximately 40.8%.
How much do I need to earn to buy a home in Franklin Grove?
To comfortably afford the median home price of $199,214 with a 20% down payment ($39,843) at today's rates (6.8%), you'd need a gross annual income of approximately $52,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Franklin Grove compare to the national average home price?
The national median home value is approximately $410,000. At $199,214, homes in Franklin Grove are 51% below the national average.
What metro area is Franklin Grove part of?
Franklin Grove is part of the Dixon, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.