Oak Park, IL—60301
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oak Park, IL
As of Oct '25, the median home price in Oak Park, IL is $273,000, with a year-over-year change of 8.0%. This indicates that home prices in Oak Park, IL are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $273,000 | 8.0% |
| Single Family | N/A | N/A |
| Condos | $248,000 | 10.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $289,000 | 7.4% |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Oak Park, IL
As of July '25, Rentcast reports the average rent in Oak Park, IL is $2,260, with a year-over-year rent change of -12.4%. Per bedroom, the median rent as of July '25 in Oak Park, IL is studios: $1,760, 1-bedrooms: $2,000, 2-bedrooms: $2,590. The most common rental property sizes in Oak Park, IL are 2-bedroom and 1-bedroom, accounting for 45.9% and 41.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,260 |
| Studio Rent | $1,840 | $1,760 |
| 1 Bed Rent | $1,950 | $2,000 |
| 2 Bed Rent | $2,250 | $2,590 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Oak Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Oak Park, IL is 28. This is a decrease of -34.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $176,000 | -21.0% |
Listing Count | 6 | -39.0% |
| Listings as % of Homes | 0.2% | -39.0% |
Days on Market | 28 | -34.0% |
Demographics — Oak Park, IL
As of the latest ACS Survey released in 2023, Oak Park, IL has a population of 3,510, which has increased by 38.3% over the past 5 years. Oak Park, IL is a less popular place for families, as children make up 10.1% of the population. The area has a highly educated workforce, with 79.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,510 | 38.3% |
% Under 18 | 10.1% | 17.4% |
% Seniors | 9.1% | -57.1% |
% WFH | 29.8% | 1,003.7% |
% w/ College Degree | 79.0% | 9.9% |
As of the latest ACS Survey released in 2023, Oak Park, IL is a predominantly white area, with 57.3% of the population identifying as white. The white population has grown by 10.0% in the last 5 years. The second most common race or ethnicity in Oak Park, IL is black, making up 15.9% of the population. Foreign-born residents account for 14.4% of the population in Oak Park, IL, and this percentage has decreased by 21.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 57.3% | 10.0% |
% Black | 15.9% | -34.6% |
% Hispanic | 11.5% | -5.7% |
% Asian | 9.5% | -20.2% |
% Foreign Born | 14.4% | -21.3% |
Mortgage and Risk — Oak Park, IL
According to HUD data as of 2023, there were 65 mortgage originations in Oak Park, IL, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Oak Park, IL. Investor activity is low, as 0.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 65 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 0.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Oak Park, IL
Oak Park, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 41 |
Total Units Section 8 | 41 |
% Rentals under Section 8 | 1.9% |
% Occupied Section 8 | 76.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $390 | $1,950 | $2,340 |
| 2 Bedroom | $390 | $2,250 | $2,640 |
| 3 Bedroom | N/A | N/A | $3,390 |
| 4 Bedroom | N/A | N/A | $3,980 |
Affordability — Oak Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $273,000 |
| Median Household Income | $103,000 |