Frankfort, IL 60423 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Frankfort, IL—60423

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$498,000

3.7% YoY Growth

Household Income

$138,000

27.1% YoY Growth

Days on Market

7.0% Shorter YoY

Home Price Forecast

0.7%

Median Rent

$2,420

4.3% YoY Growth

1-Bed Rent

$1,500

N/A

2-Bed Rent

$1,800

16.2% YoY Growth

3-Bed Rent

$2,550

2.7% YoY Growth

Home Price Trends — Frankfort, IL

As of May '26, the median home price in Frankfort, IL is $498,000, with a year-over-year change of 3.7%. This indicates that home prices in Frankfort, IL are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$498,000	3.7%
Single Family	$508,000	3.5%
Condos	$302,000	1.3%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Frankfort, IL

As of July '25, Rentcast reports the average rent in Frankfort, IL is $2,690, with a year-over-year rent change of 4.3%. Per bedroom, the median rent as of July '25 in Frankfort, IL is 1-bedrooms: $1,650, 2-bedrooms: $2,080, 3-bedrooms: $2,500, 4-bedrooms: $4,040. The most common rental property sizes in Frankfort, IL are 2-bedroom and 3-bedroom, accounting for 39.1% and 28.3% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,420	$2,690
Studio Rent	N/A	N/A
1 Bed Rent	$1,500	$1,650
2 Bed Rent	$1,800	$2,080
3 Bed Rent	$2,550	$2,500
4 Bed Rent	$3,000	$4,040

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% of Rental Stock

Studio

1.7%

1 Bedroom

9.4%

2 Bedrooms

39.1%

3 Bedrooms

28.3%

4 Bedrooms

19.3%

5+ Bedrooms

2.3%

Property Listings — Frankfort, IL

As of May '26, Realtor.com reports that the median days on market for a home in Frankfort, IL is 35. This is a decrease of -7.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$650,000	-3.0%
Listing Count	112	15.0%
Listings as % of Homes	0.7%	15.0%
Days on Market	35	-7.0%

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Demographics — Frankfort, IL

As of the latest ACS Survey released in 2023, Frankfort, IL has a population of 32,800, which has increased by 6.1% over the past 5 years. Frankfort, IL is a popular place for families, as children make up 26.7% of the population. The area has a highly educated workforce, with 48.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.8% reporting working from home.

Metric	Latest Census	YoY % Change
Population	32,800	6.1%
% Under 18	26.7%	3.9%
% Seniors	16.0%	6.7%
% WFH	16.8%	205.5%
% w/ College Degree	48.3%	5.5%

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As of the latest ACS Survey released in 2023, Frankfort, IL is a predominantly white area, with 76.8% of the population identifying as white. The white population has shrunk by 10.2% in the last 5 years. The second most common race or ethnicity in Frankfort, IL is black, making up 8.0% of the population. Foreign-born residents account for 6.4% of the population in Frankfort, IL, and this percentage has increased by 23.1% 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	76.8%	-10.2%
% Black	8.0%	56.9%
% Hispanic	7.8%	36.8%
% Asian	2.3%	-17.9%
% Foreign Born	6.4%	23.1%

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Mortgage and Risk — Frankfort, IL

According to HUD data as of 2023, there were 583 mortgage originations in Frankfort, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Frankfort, IL. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	583
% Conventional Loans	92.0%
% Government Loans	8.0%
% Investor Loans	2.0%
% Second Loans	1.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Frankfort, IL

As of 2024, the percent of homes in Frankfort, IL under the Section 8 program is 4.1%. 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 and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Frankfort, IL, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	32
Total Units Section 8	32
% Rentals under Section 8	4.1%
% Occupied Section 8	80.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$140	$1,500	$1,640
2 Bedroom	$50	$1,800	$1,850
3 Bedroom	-$170	$2,550	$2,380
4 Bedroom	-$210	$3,000	$2,790

Frankfort, IL—60423

Key Metrics at a Glance

Home Price Trends — Frankfort, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Frankfort, IL

% of Rental Stock

Property Listings — Frankfort, IL

Demographics — Frankfort, IL

Race and Ethnicity

Mortgage and Risk — Frankfort, IL

Mortgages

Rentals and Section 8 — Frankfort, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Frankfort, IL

Home Price to Income Ratio

Frankfort, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Mokena, IL

Tinley Park, IL

Monee, IL

Matteson, IL

Tinley Park, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$498,000
Median Household Income	$138,000

Frankfort, IL—60423

Key Metrics at a Glance

Home Price Trends — Frankfort, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Frankfort, IL

% of Rental Stock

Property Listings — Frankfort, IL

Demographics — Frankfort, IL

Race and Ethnicity

Mortgage and Risk — Frankfort, IL

Mortgages

Rentals and Section 8 — Frankfort, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Frankfort, IL

Home Price to Income Ratio

Frankfort, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Mokena, IL

Tinley Park, IL

Monee, IL

Matteson, IL

Tinley Park, IL

Frequently Asked Questions

What is the average home price in Frankfort, IL 60423?

How have home prices in Frankfort, IL 60423 changed over the past year?

What is the home price projection for Frankfort, IL 60423?

What are the demographics of Frankfort, IL 60423?

How long does it take homes to sell in Frankfort, IL 60423?

What is the average rent price in Frankfort, IL 60423?