Market Overview
Home Prices in Oak Park, IL
The median home value in Oak Park, IL is $492,876 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 10.7% compared to a year ago and up 3.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Oak Park are priced20% above average. Oak Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Oak Park home values have risen by approximately25.7%, reflecting strong long-term appreciation in this market.
Price History
Oak Park Home Price Trend
City Comparison
Oak Park vs. National Median
At $492,876, homes in Oak Park cost 20% above the national median of $410,000. Buyers in Oak Park should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Oak Park?
20% Down Payment
$98,575
on $492,876
Monthly P&I
$2,571/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,265/mo
incl. taxes & insurance
Income Needed
$130,600
gross annual (30% rule)
10% Down Option
$49,288
+ PMI applies
Loan Amount (20% dn)
$394,301
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 Park, IL?
The median home value in Oak Park is $492,876 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 10.7% year-over-year.
How much have home prices changed in Oak Park?
Over the past year, home values in Oak Park have increased by 10.7%. Over five years, prices have risen approximately 25.7%.
How much do I need to earn to buy a home in Oak Park?
To comfortably afford the median home price of $492,876 with a 20% down payment ($98,575) at today's rates (6.8%), you'd need a gross annual income of approximately $130,600. This assumes keeping total housing costs at or below 30% of gross income.
How does Oak Park compare to the national average home price?
The national median home value is approximately $410,000. At $492,876, homes in Oak Park are 20% above the national average.
What metro area is Oak Park part of?
Oak 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.