Market Overview
Home Prices in La Fayette, IL
The median home value in La Fayette, IL is $113,003 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2.3% compared to a year ago and down 9.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in La Fayette are priced72% below average. La Fayette is part of the Galesburg, IL metro area.
Over the past five years, La Fayette home values have fallen by approximately21.9%, reflecting softening conditions in this market.
Price History
La Fayette Home Price Trend
City Comparison
La Fayette vs. National Median
At $113,003, homes in La Fayette cost 72% below the national median of $410,000. This makes La Fayette a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in La Fayette?
20% Down Payment
$22,601
on $113,003
Monthly P&I
$589/mo
30-yr @ 6.8%
Total Monthly Est.
~$748/mo
incl. taxes & insurance
Income Needed
$29,920
gross annual (30% rule)
10% Down Option
$11,300
+ PMI applies
Loan Amount (20% dn)
$90,402
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 La Fayette, IL?
The median home value in La Fayette is $113,003 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2.3% year-over-year.
How much have home prices changed in La Fayette?
Over the past year, home values in La Fayette have increased by 2.3%. Over five years, prices have fallen approximately 21.9%.
How much do I need to earn to buy a home in La Fayette?
To comfortably afford the median home price of $113,003 with a 20% down payment ($22,601) at today's rates (6.8%), you'd need a gross annual income of approximately $29,920. This assumes keeping total housing costs at or below 30% of gross income.
How does La Fayette compare to the national average home price?
The national median home value is approximately $410,000. At $113,003, homes in La Fayette are 72% below the national average.
What metro area is La Fayette part of?
La Fayette is part of the Galesburg, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.