Market Overview
Home Prices in Shannon, IL
The median home value in Shannon, IL is $177,653 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 14.9% compared to a year ago and up 15.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Shannon are priced57% below average. Shannon is part of the Rochelle, IL metro area.
Over the past five years, Shannon home values have risen by approximately57.5%, reflecting strong long-term appreciation in this market.
Price History
Shannon Home Price Trend
City Comparison
Shannon vs. National Median
At $177,653, homes in Shannon cost 57% below the national median of $410,000. This makes Shannon a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Shannon?
20% Down Payment
$35,531
on $177,653
Monthly P&I
$927/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,177/mo
incl. taxes & insurance
Income Needed
$47,080
gross annual (30% rule)
10% Down Option
$17,765
+ PMI applies
Loan Amount (20% dn)
$142,122
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 Shannon, IL?
The median home value in Shannon is $177,653 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 14.9% year-over-year.
How much have home prices changed in Shannon?
Over the past year, home values in Shannon have increased by 14.9%. Over five years, prices have risen approximately 57.5%.
How much do I need to earn to buy a home in Shannon?
To comfortably afford the median home price of $177,653 with a 20% down payment ($35,531) at today's rates (6.8%), you'd need a gross annual income of approximately $47,080. This assumes keeping total housing costs at or below 30% of gross income.
How does Shannon compare to the national average home price?
The national median home value is approximately $410,000. At $177,653, homes in Shannon are 57% below the national average.
What metro area is Shannon part of?
Shannon is part of the Rochelle, IL metropolitan area. Home prices and market conditions can vary across the broader metro region.