Market Overview
Home Prices in Oak Forest, IL
The median home value in Oak Forest, IL is $305,559 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.6% compared to a year ago and up 1.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Oak Forest are priced25% below average. Oak Forest is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Oak Forest home values have risen by approximately25.9%, reflecting strong long-term appreciation in this market.
Price History
Oak Forest Home Price Trend
City Comparison
Oak Forest vs. National Median
At $305,559, homes in Oak Forest cost 25% below the national median of $410,000. This makes Oak Forest a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Oak Forest?
20% Down Payment
$61,112
on $305,559
Monthly P&I
$1,594/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,024/mo
incl. taxes & insurance
Income Needed
$80,960
gross annual (30% rule)
10% Down Option
$30,556
+ PMI applies
Loan Amount (20% dn)
$244,447
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 Oak Forest, IL?
The median home value in Oak Forest is $305,559 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.6% year-over-year.
How much have home prices changed in Oak Forest?
Over the past year, home values in Oak Forest have increased by 5.6%. Over five years, prices have risen approximately 25.9%.
How much do I need to earn to buy a home in Oak Forest?
To comfortably afford the median home price of $305,559 with a 20% down payment ($61,112) at today's rates (6.8%), you'd need a gross annual income of approximately $80,960. This assumes keeping total housing costs at or below 30% of gross income.
How does Oak Forest compare to the national average home price?
The national median home value is approximately $410,000. At $305,559, homes in Oak Forest are 25% below the national average.
What metro area is Oak Forest part of?
Oak Forest is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.