Market Overview
Home Prices in Waterman, IL
The median home value in Waterman, IL is $297,763 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.8% compared to a year ago and up 4.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Waterman are priced27% below average. Waterman is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Waterman home values have risen by approximately41.9%, reflecting strong long-term appreciation in this market.
Price History
Waterman Home Price Trend
City Comparison
Waterman vs. National Median
At $297,763, homes in Waterman cost 27% below the national median of $410,000. This makes Waterman a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Waterman?
20% Down Payment
$59,553
on $297,763
Monthly P&I
$1,553/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,972/mo
incl. taxes & insurance
Income Needed
$78,880
gross annual (30% rule)
10% Down Option
$29,776
+ PMI applies
Loan Amount (20% dn)
$238,210
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 Waterman, IL?
The median home value in Waterman is $297,763 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.8% year-over-year.
How much have home prices changed in Waterman?
Over the past year, home values in Waterman have increased by 6.8%. Over five years, prices have risen approximately 41.9%.
How much do I need to earn to buy a home in Waterman?
To comfortably afford the median home price of $297,763 with a 20% down payment ($59,553) at today's rates (6.8%), you'd need a gross annual income of approximately $78,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Waterman compare to the national average home price?
The national median home value is approximately $410,000. At $297,763, homes in Waterman are 27% below the national average.
What metro area is Waterman part of?
Waterman is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.