Market Overview
Home Prices in Olney, IL
The median home value in Olney, IL is $140,108 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 10.7% compared to a year ago and up 0.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Olney are priced66% below average.
Over the past five years, Olney home values have risen by approximately20.2%, reflecting strong long-term appreciation in this market.
Price History
Olney Home Price Trend
2020
$109,589
$110K
—
2021
$116,565
$117K
+6.4%
2022
$122,175
$122K
+4.8%
2023
$125,645
$126K
+2.8%
2024
$125,706
$126K
+0.0%
2025
$126,604
$127K
+0.7%
2026
$140,108
$140K
+10.7%
City Comparison
Olney vs. National Median
🏠 Olney
$140,108
National Median
$410,000
At $140,108, homes in Olney cost 66% below the national median of $410,000. This makes Olney a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Olney?
20% Down Payment
$28,022
on $140,108
Monthly P&I
$731/mo
30-yr @ 6.8%
Total Monthly Est.
~$928/mo
incl. taxes & insurance
Income Needed
$37,120
gross annual (30% rule)
10% Down Option
$14,011
+ PMI applies
Loan Amount (20% dn)
$112,086
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 Olney, IL?
The median home value in Olney is $140,108 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 Olney?
Over the past year, home values in Olney have increased by 10.7%. Over five years, prices have risen approximately 20.2%.
How much do I need to earn to buy a home in Olney?
To comfortably afford the median home price of $140,108 with a 20% down payment ($28,022) at today's rates (6.8%), you'd need a gross annual income of approximately $37,120. This assumes keeping total housing costs at or below 30% of gross income.
How does Olney compare to the national average home price?
The national median home value is approximately $410,000. At $140,108, homes in Olney are 66% below the national average.