Elk Grove Village, IL—60007
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elk Grove Village, IL
As of Oct '25, the median home price in Elk Grove Village, IL is $372,000, with a year-over-year change of 4.0%. This indicates that home prices in Elk Grove Village, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $372,000 | 4.0% |
| Single Family | $407,000 | 4.6% |
| Condos | $244,000 | 3.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $176,000 | 4.8% |
2 Bed | $281,000 | 4.1% |
3 Bed | $380,000 | 4.1% |
4 Bed | $462,000 | 5.2% |
| 5 Bed | $533,000 | 4.3% |
% of Housing Stock
Rental Trends — Elk Grove Village, IL
As of July '25, Rentcast reports the average rent in Elk Grove Village, IL is $2,510, with a year-over-year rent change of 10.1%. Per bedroom, the median rent as of July '25 in Elk Grove Village, IL is 1-bedrooms: $1,500, 2-bedrooms: $2,330, 3-bedrooms: $2,880, 4-bedrooms: $3,080. The most common rental property sizes in Elk Grove Village, IL are 2-bedroom and 1-bedroom, accounting for 38.6% and 32.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,500 | $2,510 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,450 | $1,500 |
| 2 Bed Rent | $2,300 | $2,330 |
| 3 Bed Rent | $2,700 | $2,880 |
| 4 Bed Rent | $3,180 | $3,080 |
% of Rental Stock
Property Listings — Elk Grove Village, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Elk Grove Village, IL is 34. This is a increase of 32.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $386,000 | -2.0% |
Listing Count | 76 | 2.0% |
| Listings as % of Homes | 0.4% | 2.0% |
Days on Market | 34 | 32.0% |
Demographics — Elk Grove Village, IL
As of the latest ACS Survey released in 2023, Elk Grove Village, IL has a population of 32,500, which has decreased by -2.8% over the past 5 years. Elk Grove Village, IL is a moderately popular place for families, as children make up 21.9% of the population. The area has a moderately educated workforce, with 41.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,500 | -2.8% |
% Under 18 | 21.9% | 19.0% |
% Seniors | 19.2% | 5.5% |
% WFH | 13.5% | 170.0% |
% w/ College Degree | 41.1% | 17.1% |
As of the latest ACS Survey released in 2023, Elk Grove Village, IL is a predominantly white area, with 69.3% of the population identifying as white. The white population has shrunk by 7.7% in the last 5 years. The second most common race or ethnicity in Elk Grove Village, IL is hispanic, making up 14.5% of the population. Foreign-born residents account for 21.4% of the population in Elk Grove Village, IL, and this percentage has increased by 1.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 69.3% | -7.7% |
% Black | 2.9% | 141.7% |
% Hispanic | 14.5% | 20.8% |
% Asian | 11.7% | 15.8% |
% Foreign Born | 21.4% | 1.9% |
Mortgage and Risk — Elk Grove Village, IL
According to HUD data as of 2023, there were 501 mortgage originations in Elk Grove Village, IL, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Elk Grove Village, IL. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 501 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Elk Grove Village, IL
As of 2024, the percent of homes in Elk Grove Village, IL under the Section 8 program is 0.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Elk Grove Village, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 16 |
Total Units Section 8 | 16 |
% Rentals under Section 8 | 0.5% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $290 | $1,450 | $1,740 |
| 2 Bedroom | -$340 | $2,300 | $1,960 |
| 3 Bedroom | -$180 | $2,700 | $2,520 |
| 4 Bedroom | -$220 | $3,180 | $2,960 |
Affordability — Elk Grove Village, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $372,000 |
| Median Household Income | $95,200 |