Market Overview
Home Prices in Park Ridge, IL
The median home value in Park Ridge, IL is $599,417 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 8.3% compared to a year ago and up 4.1% from two years prior.
Compared to the U.S. national median of $410,000, homes in Park Ridge are priced46% above average. Park Ridge is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Park Ridge home values have risen by approximately29.7%, reflecting strong long-term appreciation in this market.
Price History
Park Ridge Home Price Trend
City Comparison
Park Ridge vs. National Median
At $599,417, homes in Park Ridge cost 46% above the national median of $410,000. Buyers in Park Ridge should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Park Ridge?
20% Down Payment
$119,883
on $599,417
Monthly P&I
$3,126/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,970/mo
incl. taxes & insurance
Income Needed
$158,800
gross annual (30% rule)
10% Down Option
$59,942
+ PMI applies
Loan Amount (20% dn)
$479,534
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 Ridge, IL?
The median home value in Park Ridge is $599,417 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 8.3% year-over-year.
How much have home prices changed in Park Ridge?
Over the past year, home values in Park Ridge have increased by 8.3%. Over five years, prices have risen approximately 29.7%.
How much do I need to earn to buy a home in Park Ridge?
To comfortably afford the median home price of $599,417 with a 20% down payment ($119,883) at today's rates (6.8%), you'd need a gross annual income of approximately $158,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Park Ridge compare to the national average home price?
The national median home value is approximately $410,000. At $599,417, homes in Park Ridge are 46% above the national average.
What metro area is Park Ridge part of?
Park Ridge is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.