Market Overview
Home Prices in Lakewood, IL
The median home value in Lakewood, IL is $204,231 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7.6% compared to a year ago and up 1.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lakewood are priced50% below average.
Price History
Lakewood Home Price Trend
2024
$186,668
$187K
—
2025
$189,727
$190K
+1.6%
2026
$204,231
$204K
+7.6%
City Comparison
Lakewood vs. National Median
🏠 Lakewood
$204,231
National Median
$410,000
At $204,231, homes in Lakewood cost 50% below the national median of $410,000. This makes Lakewood a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Lakewood?
20% Down Payment
$40,846
on $204,231
Monthly P&I
$1,065/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,353/mo
incl. taxes & insurance
Income Needed
$54,120
gross annual (30% rule)
10% Down Option
$20,423
+ PMI applies
Loan Amount (20% dn)
$163,385
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 Lakewood, IL?
The median home value in Lakewood is $204,231 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7.6% year-over-year.
How much have home prices changed in Lakewood?
Over the past year, home values in Lakewood have increased by 7.6%.
How much do I need to earn to buy a home in Lakewood?
To comfortably afford the median home price of $204,231 with a 20% down payment ($40,846) at today's rates (6.8%), you'd need a gross annual income of approximately $54,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Lakewood compare to the national average home price?
The national median home value is approximately $410,000. At $204,231, homes in Lakewood are 50% below the national average.