Oak Lawn, IL—60453
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oak Lawn, IL
As of Oct '25, the median home price in Oak Lawn, IL is $278,000, with a year-over-year change of 2.8%. This indicates that home prices in Oak Lawn, 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 | $278,000 | 2.8% |
| Single Family | $312,000 | 4.7% |
| Condos | $170,000 | -4.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $128,000 | 4.1% |
2 Bed | $193,000 | 0.5% |
3 Bed | $302,000 | 5.2% |
4 Bed | $359,000 | 4.7% |
| 5 Bed | $404,000 | 3.1% |
% of Housing Stock
Rental Trends — Oak Lawn, IL
As of July '25, Rentcast reports the average rent in Oak Lawn, IL is $1,900, with a year-over-year rent change of -6.4%. Per bedroom, the median rent as of July '25 in Oak Lawn, IL is studios: $1,350, 1-bedrooms: $1,330, 2-bedrooms: $1,770, 3-bedrooms: $2,200, 4-bedrooms: $3,030. The most common rental property sizes in Oak Lawn, IL are 2-bedroom and 1-bedroom, accounting for 41.5% and 29.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,900 |
| Studio Rent | $1,350 | $1,350 |
| 1 Bed Rent | $1,300 | $1,330 |
| 2 Bed Rent | $1,700 | $1,770 |
| 3 Bed Rent | $2,100 | $2,200 |
| 4 Bed Rent | $2,960 | $3,030 |
% of Rental Stock
Property Listings — Oak Lawn, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Oak Lawn, IL is 37. This is a increase of 5.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $279,000 | -4.0% |
Listing Count | 203 | 6.0% |
| Listings as % of Homes | 0.7% | 6.0% |
Days on Market | 37 | 5.0% |
Demographics — Oak Lawn, IL
As of the latest ACS Survey released in 2023, Oak Lawn, IL has a population of 57,100, which has increased by 1.2% over the past 5 years. Oak Lawn, IL is a moderately popular place for families, as children make up 22.8% of the population. The area has a moderately educated workforce, with 30.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 57,100 | 1.2% |
% Under 18 | 22.8% | 8.6% |
% Seniors | 18.6% | 7.5% |
% WFH | 10.0% | 316.7% |
% w/ College Degree | 30.2% | 6.3% |
As of the latest ACS Survey released in 2023, Oak Lawn, IL is a predominantly white area, with 64.4% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Oak Lawn, IL is hispanic, making up 23.7% of the population. Foreign-born residents account for 16.5% of the population in Oak Lawn, IL, and this percentage has decreased by 3.5% 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 | 64.4% | -4.5% |
% Black | 7.7% | 16.7% |
% Hispanic | 23.7% | 11.8% |
% Asian | 2.1% | -32.3% |
% Foreign Born | 16.5% | -3.5% |
Mortgage and Risk — Oak Lawn, IL
According to HUD data as of 2023, there were 1013 mortgage originations in Oak Lawn, IL, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Oak Lawn, IL. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,013 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Oak Lawn, IL
As of 2024, the percent of homes in Oak Lawn, IL under the Section 8 program is 2.1%. 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 units appear to be good home sizes to consider for Section 8 housing in Oak Lawn, 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 | 86 |
Total Units Section 8 | 86 |
% Rentals under Section 8 | 2.1% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $1,300 | $1,440 |
| 2 Bedroom | -$70 | $1,700 | $1,630 |
| 3 Bedroom | -$10 | $2,100 | $2,090 |
| 4 Bedroom | -$500 | $2,960 | $2,460 |
Affordability — Oak Lawn, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $278,000 |
| Median Household Income | $82,500 |