Park Forest, IL 60466 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Park Forest, IL—60466

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$148,000

0.7% YoY Growth

Household Income

$63,100

23.0% YoY Growth

Days on Market

43.0% Longer YoY

Home Price Forecast

2.1%

Median Rent

$1,980

5.5% YoY Growth

1-Bed Rent

$1,240

12.3% YoY Growth

2-Bed Rent

$1,650

21.5% YoY Growth

3-Bed Rent

$2,000

2.0% YoY Growth

Home Price Trends — Park Forest, IL

As of Dec '25, the median home price in Park Forest, IL is $148,000, with a year-over-year change of 0.7%. This indicates that home prices in Park Forest, IL are flat. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$148,000	0.7%
Single Family	$152,000	0.0%
Condos	$67,000	-9.5%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Park Forest, IL

As of July '25, Rentcast reports the average rent in Park Forest, IL is $1,920, with a year-over-year rent change of 5.5%. Per bedroom, the median rent as of July '25 in Park Forest, IL is 1-bedrooms: $1,280, 2-bedrooms: $1,810, 3-bedrooms: $2,050, 4-bedrooms: $2,800. The most common rental property sizes in Park Forest, IL are 2-bedroom and 3-bedroom, accounting for 37.4% and 33.0% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,980	$1,920
Studio Rent	N/A	N/A
1 Bed Rent	$1,240	$1,280
2 Bed Rent	$1,650	$1,810
3 Bed Rent	$2,000	$2,050
4 Bed Rent	$2,800	$2,800

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% of Rental Stock

Studio

2.7%

1 Bedroom

13.3%

2 Bedrooms

37.4%

3 Bedrooms

33.0%

4 Bedrooms

12.7%

5+ Bedrooms

0.9%

Property Listings — Park Forest, IL

As of Dec '25, Realtor.com reports that the median days on market for a home in Park Forest, IL is 65. This is a increase of 36.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$162,000	-2.0%
Listing Count	175	22.0%
Listings as % of Homes	1.5%	22.0%
Days on Market	79	43.0%

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Demographics — Park Forest, IL

As of the latest ACS Survey released in 2023, Park Forest, IL has a population of 21,100, which has decreased by -3.9% over the past 5 years. Park Forest, IL is a moderately popular place for families, as children make up 25.0% of the population. The area has a moderately educated workforce, with 26.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.0% reporting working from home.

Metric	Latest Census	YoY % Change
Population	21,100	-3.9%
% Under 18	25.0%	-3.8%
% Seniors	15.6%	12.2%
% WFH	7.0%	75.0%
% w/ College Degree	26.1%	1.6%

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As of the latest ACS Survey released in 2023, Park Forest, IL is a predominantly black area, with 69.5% of the population identifying as black. The black population has grown by 7.6% in the last 5 years. The second most common race or ethnicity in Park Forest, IL is white, making up 18.9% of the population. Foreign-born residents account for 6.0% of the population in Park Forest, IL, and this percentage has increased by 57.9% 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	18.9%	-26.2%
% Black	69.5%	7.6%
% Hispanic	8.8%	69.2%
% Asian	0.5%	0.0%
% Foreign Born	6.0%	57.9%

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Mortgage and Risk — Park Forest, IL

According to HUD data as of 2023, there were 352 mortgage originations in Park Forest, IL, of which 45.0% of loans were conventional mortgages. The average loan-to-value was 80.0%, with 60.0% above 90% LTV (very high). This implies large mortgage risk in Park Forest, IL. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	352
% Conventional Loans	45.0%
% Government Loans	55.0%
% Investor Loans	1.0%
% Second Loans	1.0%
% Cash Out Refinance	13.0%

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Rentals and Section 8 — Park Forest, IL

As of 2024, the percent of homes in Park Forest, IL under the Section 8 program is 14.6%. 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 and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Park Forest, IL, because HUD payments exceed market rent, while 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	422
Total Units Section 8	422
% Rentals under Section 8	14.6%
% Occupied Section 8	92.5%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$390	$1,240	$1,630
2 Bedroom	$190	$1,650	$1,840
3 Bedroom	$360	$2,000	$2,360
4 Bedroom	-$20	$2,800	$2,780

Park Forest, IL—60466

Key Metrics at a Glance

Home Price Trends — Park Forest, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Park Forest, IL

% of Rental Stock

Property Listings — Park Forest, IL

Demographics — Park Forest, IL

Race and Ethnicity

Mortgage and Risk — Park Forest, IL

Mortgages

Rentals and Section 8 — Park Forest, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Park Forest, IL

Home Price to Income Ratio

Park Forest, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Olympia Fields, IL

University Park, IL

Richton Park, IL

Steger, IL

Flossmoor, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.3
Median Home Price	$148,000
Median Household Income	$63,100

Park Forest, IL—60466

Key Metrics at a Glance

Home Price Trends — Park Forest, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Park Forest, IL

% of Rental Stock

Property Listings — Park Forest, IL

Demographics — Park Forest, IL

Race and Ethnicity

Mortgage and Risk — Park Forest, IL

Mortgages

Rentals and Section 8 — Park Forest, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Park Forest, IL

Home Price to Income Ratio

Park Forest, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Olympia Fields, IL

University Park, IL

Richton Park, IL

Steger, IL

Flossmoor, IL

Frequently Asked Questions

What is the average home price in Park Forest, IL 60466?

How have home prices in Park Forest, IL 60466 changed over the past year?

What is the home price projection for Park Forest, IL 60466?

What are the demographics of Park Forest, IL 60466?

How long does it take homes to sell in Park Forest, IL 60466?

What is the average rent price in Park Forest, IL 60466?