Market Overview
Home Prices in Merrionette Park, IL
The median home value in Merrionette Park, IL is $231,177 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.8% compared to a year ago and up 3.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Merrionette Park are priced44% below average. Merrionette Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Merrionette Park home values have risen by approximately35.7%, reflecting strong long-term appreciation in this market.
Price History
Merrionette Park Home Price Trend
City Comparison
Merrionette Park vs. National Median
At $231,177, homes in Merrionette Park cost 44% below the national median of $410,000. This makes Merrionette Park a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Merrionette Park?
20% Down Payment
$46,235
on $231,177
Monthly P&I
$1,206/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,532/mo
incl. taxes & insurance
Income Needed
$61,280
gross annual (30% rule)
10% Down Option
$23,118
+ PMI applies
Loan Amount (20% dn)
$184,942
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 Merrionette Park, IL?
The median home value in Merrionette Park is $231,177 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.8% year-over-year.
How much have home prices changed in Merrionette Park?
Over the past year, home values in Merrionette Park have increased by 8.8%. Over five years, prices have risen approximately 35.7%.
How much do I need to earn to buy a home in Merrionette Park?
To comfortably afford the median home price of $231,177 with a 20% down payment ($46,235) at today's rates (6.8%), you'd need a gross annual income of approximately $61,280. This assumes keeping total housing costs at or below 30% of gross income.
How does Merrionette Park compare to the national average home price?
The national median home value is approximately $410,000. At $231,177, homes in Merrionette Park are 44% below the national average.
What metro area is Merrionette Park part of?
Merrionette Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.