Market Overview
Home Prices in Oak Lawn, IL
The median home value in Oak Lawn, IL is $301,889 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.3% compared to a year ago and up 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Oak Lawn are priced26% below average. Oak Lawn is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Oak Lawn home values have risen by approximately27.2%, reflecting strong long-term appreciation in this market.
Price History
Oak Lawn Home Price Trend
City Comparison
Oak Lawn vs. National Median
At $301,889, homes in Oak Lawn cost 26% below the national median of $410,000. This makes Oak Lawn a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Oak Lawn?
20% Down Payment
$60,378
on $301,889
Monthly P&I
$1,574/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,999/mo
incl. taxes & insurance
Income Needed
$79,960
gross annual (30% rule)
10% Down Option
$30,189
+ PMI applies
Loan Amount (20% dn)
$241,511
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 Lawn, IL?
The median home value in Oak Lawn is $301,889 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.3% year-over-year.
How much have home prices changed in Oak Lawn?
Over the past year, home values in Oak Lawn have increased by 6.3%. Over five years, prices have risen approximately 27.2%.
How much do I need to earn to buy a home in Oak Lawn?
To comfortably afford the median home price of $301,889 with a 20% down payment ($60,378) at today's rates (6.8%), you'd need a gross annual income of approximately $79,960. This assumes keeping total housing costs at or below 30% of gross income.
How does Oak Lawn compare to the national average home price?
The national median home value is approximately $410,000. At $301,889, homes in Oak Lawn are 26% below the national average.
What metro area is Oak Lawn part of?
Oak Lawn is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.