Market Overview
Home Prices in Jerome, IL
The median home value in Jerome, IL is $162,722 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.4% compared to a year ago and up 1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Jerome are priced60% below average. Jerome is part of the Springfield, IL metro area.
Over the past five years, Jerome home values have risen by approximately36.7%, reflecting strong long-term appreciation in this market.
Price History
Jerome Home Price Trend
City Comparison
Jerome vs. National Median
At $162,722, homes in Jerome cost 60% below the national median of $410,000. This makes Jerome a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Jerome?
20% Down Payment
$32,544
on $162,722
Monthly P&I
$849/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,078/mo
incl. taxes & insurance
Income Needed
$43,120
gross annual (30% rule)
10% Down Option
$16,272
+ PMI applies
Loan Amount (20% dn)
$130,178
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 Jerome, IL?
The median home value in Jerome is $162,722 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.4% year-over-year.
How much have home prices changed in Jerome?
Over the past year, home values in Jerome have increased by 8.4%. Over five years, prices have risen approximately 36.7%.
How much do I need to earn to buy a home in Jerome?
To comfortably afford the median home price of $162,722 with a 20% down payment ($32,544) at today's rates (6.8%), you'd need a gross annual income of approximately $43,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Jerome compare to the national average home price?
The national median home value is approximately $410,000. At $162,722, homes in Jerome are 60% below the national average.
What metro area is Jerome part of?
Jerome is part of the Springfield, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.