Palos Park, IL—60464
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palos Park, IL
As of Oct '25, the median home price in Palos Park, IL is $511,000, with a year-over-year change of 5.1%. This indicates that home prices in Palos 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 | $511,000 | 5.1% |
| Single Family | $550,000 | 5.4% |
| Condos | $279,000 | -0.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $283,000 | 1.8% |
3 Bed | $429,000 | 4.6% |
4 Bed | $582,000 | 5.8% |
| 5 Bed | $734,000 | 3.1% |
% of Housing Stock
Rental Trends — Palos Park, IL
As of July '25, Rentcast reports the average rent in Palos Park, IL is $6,250, with a year-over-year rent change of 95.3%. Per bedroom, the median rent as of July '25 in Palos Park, IL is 3-bedrooms: $5,000. The most common rental property sizes in Palos Park, IL are 1-bedroom and 4-bedroom, accounting for 57.5% and 17.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $5,000 | $6,250 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $5,000 | $5,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Palos Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Palos Park, IL is 66. This is a increase of 14.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $586,000 | -6.0% |
Listing Count | 36 | -30.0% |
| Listings as % of Homes | 0.7% | -30.0% |
Days on Market | 66 | 14.0% |
Demographics — Palos Park, IL
As of the latest ACS Survey released in 2023, Palos Park, IL has a population of 9,890, which has increased by 1.8% over the past 5 years. Palos Park, IL is a moderately popular place for families, as children make up 18.9% of the population. The area has a highly educated workforce, with 50.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,890 | 1.8% |
% Under 18 | 18.9% | 0.0% |
% Seniors | 33.5% | 18.0% |
% WFH | 21.0% | 483.3% |
% w/ College Degree | 50.3% | 12.8% |
As of the latest ACS Survey released in 2023, Palos Park, IL is a predominantly white area, with 82.9% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Palos Park, IL is hispanic, making up 5.1% of the population. Foreign-born residents account for 14.3% of the population in Palos Park, IL, and this percentage has increased by 49.0% 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 | 82.9% | -4.6% |
% Black | 2.1% | 75.0% |
% Hispanic | 5.1% | -35.4% |
% Asian | 5.0% | 177.8% |
% Foreign Born | 14.3% | 49.0% |
Mortgage and Risk — Palos Park, IL
According to HUD data as of 2023, there were 197 mortgage originations in Palos Park, IL, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Palos Park, IL. Investor activity is low, as 1.0% 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 | 197 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Palos Park, IL
Palos Park, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 83 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $2,220 |
| 2 Bedroom | N/A | N/A | $2,510 |
| 3 Bedroom | -$1,780 | $5,000 | $3,220 |
| 4 Bedroom | N/A | N/A | $3,790 |
Affordability — Palos Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $511,000 |
| Median Household Income | $126,000 |