Market Overview
Home Prices in Park Forest, IL
The median home value in Park Forest, IL is $160,932 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.5% compared to a year ago and up 1.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Park Forest are priced61% below average. Park Forest is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Park Forest home values have risen by approximately32.7%, reflecting strong long-term appreciation in this market.
Price History
Park Forest Home Price Trend
City Comparison
Park Forest vs. National Median
At $160,932, homes in Park Forest cost 61% below the national median of $410,000. This makes Park Forest a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Park Forest?
20% Down Payment
$32,186
on $160,932
Monthly P&I
$839/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,066/mo
incl. taxes & insurance
Income Needed
$42,640
gross annual (30% rule)
10% Down Option
$16,093
+ PMI applies
Loan Amount (20% dn)
$128,746
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 Park Forest, IL?
The median home value in Park Forest is $160,932 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.5% year-over-year.
How much have home prices changed in Park Forest?
Over the past year, home values in Park Forest have increased by 4.5%. Over five years, prices have risen approximately 32.7%.
How much do I need to earn to buy a home in Park Forest?
To comfortably afford the median home price of $160,932 with a 20% down payment ($32,186) at today's rates (6.8%), you'd need a gross annual income of approximately $42,640. This assumes keeping total housing costs at or below 30% of gross income.
How does Park Forest compare to the national average home price?
The national median home value is approximately $410,000. At $160,932, homes in Park Forest are 61% below the national average.
What metro area is Park Forest part of?
Park 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.