Market Overview
Home Prices in Village of Lakewood, IL
The median home value in Village of Lakewood, IL is $606,293 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.7% compared to a year ago and up 5.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Village of Lakewood are priced48% above average. Village of Lakewood is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Village of Lakewood home values have risen by approximately47.0%, reflecting strong long-term appreciation in this market.
Price History
Village of Lakewood Home Price Trend
City Comparison
Village of Lakewood vs. National Median
At $606,293, homes in Village of Lakewood cost 48% above the national median of $410,000. Buyers in Village of Lakewood should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Village of Lakewood?
20% Down Payment
$121,259
on $606,293
Monthly P&I
$3,162/mo
30-yr @ 6.8%
Total Monthly Est.
~$4,016/mo
incl. taxes & insurance
Income Needed
$160,640
gross annual (30% rule)
10% Down Option
$60,629
+ PMI applies
Loan Amount (20% dn)
$485,034
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 Village of Lakewood, IL?
The median home value in Village of Lakewood is $606,293 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.7% year-over-year.
How much have home prices changed in Village of Lakewood?
Over the past year, home values in Village of Lakewood have increased by 6.7%. Over five years, prices have risen approximately 47.0%.
How much do I need to earn to buy a home in Village of Lakewood?
To comfortably afford the median home price of $606,293 with a 20% down payment ($121,259) at today's rates (6.8%), you'd need a gross annual income of approximately $160,640. This assumes keeping total housing costs at or below 30% of gross income.
How does Village of Lakewood compare to the national average home price?
The national median home value is approximately $410,000. At $606,293, homes in Village of Lakewood are 48% above the national average.
What metro area is Village of Lakewood part of?
Village of Lakewood is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.