Market Overview
Home Prices in Palos Park, IL
The median home value in Palos Park, IL is $566,806 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 10.2% compared to a year ago and up 1.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Palos Park are priced38% above average. Palos Park is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Palos Park home values have risen by approximately33.4%, reflecting strong long-term appreciation in this market.
Price History
Palos Park Home Price Trend
City Comparison
Palos Park vs. National Median
At $566,806, homes in Palos Park cost 38% above the national median of $410,000. Buyers in Palos Park should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Palos Park?
20% Down Payment
$113,361
on $566,806
Monthly P&I
$2,956/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,754/mo
incl. taxes & insurance
Income Needed
$150,160
gross annual (30% rule)
10% Down Option
$56,681
+ PMI applies
Loan Amount (20% dn)
$453,445
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 Palos Park, IL?
The median home value in Palos Park is $566,806 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 10.2% year-over-year.
How much have home prices changed in Palos Park?
Over the past year, home values in Palos Park have increased by 10.2%. Over five years, prices have risen approximately 33.4%.
How much do I need to earn to buy a home in Palos Park?
To comfortably afford the median home price of $566,806 with a 20% down payment ($113,361) at today's rates (6.8%), you'd need a gross annual income of approximately $150,160. This assumes keeping total housing costs at or below 30% of gross income.
How does Palos Park compare to the national average home price?
The national median home value is approximately $410,000. At $566,806, homes in Palos Park are 38% above the national average.
What metro area is Palos Park part of?
Palos 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.