Market Overview
Home Prices in Martinsville, IL
The median home value in Martinsville, IL is $123,700 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 9.5% compared to a year ago and down 5.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Martinsville are priced70% below average.
Over the past five years, Martinsville home values have fallen by approximately2.3%, reflecting softening conditions in this market.
Price History
Martinsville Home Price Trend
2020
$113,409
$113K
—
2021
$126,584
$127K
+11.6%
2022
$140,038
$140K
+10.6%
2023
$126,796
$127K
-9.5%
2024
$119,589
$120K
-5.7%
2025
$112,921
$113K
-5.6%
2026
$123,700
$124K
+9.5%
City Comparison
Martinsville vs. National Median
🏠 Martinsville
$123,700
National Median
$410,000
At $123,700, homes in Martinsville cost 70% below the national median of $410,000. This makes Martinsville a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Martinsville?
20% Down Payment
$24,740
on $123,700
Monthly P&I
$645/mo
30-yr @ 6.8%
Total Monthly Est.
~$819/mo
incl. taxes & insurance
Income Needed
$32,760
gross annual (30% rule)
10% Down Option
$12,370
+ PMI applies
Loan Amount (20% dn)
$98,960
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 Martinsville, IL?
The median home value in Martinsville is $123,700 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 9.5% year-over-year.
How much have home prices changed in Martinsville?
Over the past year, home values in Martinsville have increased by 9.5%. Over five years, prices have fallen approximately 2.3%.
How much do I need to earn to buy a home in Martinsville?
To comfortably afford the median home price of $123,700 with a 20% down payment ($24,740) at today's rates (6.8%), you'd need a gross annual income of approximately $32,760. This assumes keeping total housing costs at or below 30% of gross income.
How does Martinsville compare to the national average home price?
The national median home value is approximately $410,000. At $123,700, homes in Martinsville are 70% below the national average.