Market Overview
Home Prices in Melvin, IL
The median home value in Melvin, IL is $117,346 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 0.8% compared to a year ago and down 3.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Melvin are priced71% below average. Melvin is part of the Pontiac, IL metro area.
Over the past five years, Melvin home values have risen by approximately6.2%, reflecting steady appreciation in this market.
Price History
Melvin Home Price Trend
2020
$101,945
$102K
—
2021
$110,448
$110K
+8.3%
2022
$109,630
$110K
-0.7%
2023
$108,697
$109K
-0.9%
2024
$122,118
$122K
+12.3%
2025
$118,271
$118K
-3.2%
2026
$117,346
$117K
-0.8%
City Comparison
Melvin vs. National Median
🏠 Melvin
$117,346
National Median
$410,000
At $117,346, homes in Melvin cost 71% below the national median of $410,000. This makes Melvin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Melvin?
20% Down Payment
$23,469
on $117,346
Monthly P&I
$612/mo
30-yr @ 6.8%
Total Monthly Est.
~$777/mo
incl. taxes & insurance
Income Needed
$31,080
gross annual (30% rule)
10% Down Option
$11,735
+ PMI applies
Loan Amount (20% dn)
$93,877
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 Melvin, IL?
The median home value in Melvin is $117,346 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 0.8% year-over-year.
How much have home prices changed in Melvin?
Over the past year, home values in Melvin have decreased by 0.8%. Over five years, prices have risen approximately 6.2%.
How much do I need to earn to buy a home in Melvin?
To comfortably afford the median home price of $117,346 with a 20% down payment ($23,469) at today's rates (6.8%), you'd need a gross annual income of approximately $31,080. This assumes keeping total housing costs at or below 30% of gross income.
How does Melvin compare to the national average home price?
The national median home value is approximately $410,000. At $117,346, homes in Melvin are 71% below the national average.
What metro area is Melvin part of?
Melvin is part of the Pontiac, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.