Market Overview
Home Prices in South Elgin, IL
The median home value in South Elgin, IL is $381,190 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.2% 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 South Elgin are priced7% below average. South Elgin is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, South Elgin home values have risen by approximately32.3%, reflecting strong long-term appreciation in this market.
Price History
South Elgin Home Price Trend
City Comparison
South Elgin vs. National Median
At $381,190, homes in South Elgin cost 7% below the national median of $410,000. This makes South Elgin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in South Elgin?
20% Down Payment
$76,238
on $381,190
Monthly P&I
$1,988/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,525/mo
incl. taxes & insurance
Income Needed
$101,000
gross annual (30% rule)
10% Down Option
$38,119
+ PMI applies
Loan Amount (20% dn)
$304,952
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 South Elgin, IL?
The median home value in South Elgin is $381,190 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.2% year-over-year.
How much have home prices changed in South Elgin?
Over the past year, home values in South Elgin have increased by 4.2%. Over five years, prices have risen approximately 32.3%.
How much do I need to earn to buy a home in South Elgin?
To comfortably afford the median home price of $381,190 with a 20% down payment ($76,238) at today's rates (6.8%), you'd need a gross annual income of approximately $101,000. This assumes keeping total housing costs at or below 30% of gross income.
How does South Elgin compare to the national average home price?
The national median home value is approximately $410,000. At $381,190, homes in South Elgin are 7% below the national average.
What metro area is South Elgin part of?
South Elgin is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.