Park Forest, IL—60466
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Park Forest, IL
As of Oct '25, the median home price in Park Forest, IL is $149,000, with a year-over-year change of 0.9%. This indicates that home prices in Park Forest, IL are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $149,000 | 0.9% |
| Single Family | $153,000 | 0.7% |
| Condos | $70,000 | -7.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $108,000 | -2.7% |
3 Bed | $156,000 | 0.6% |
4 Bed | $184,000 | -1.1% |
| 5 Bed | $205,000 | -4.7% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Park Forest, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Park Forest, IL is 65. This is a increase of 25.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $162,000 | -4.0% |
Listing Count | 217 | 33.0% |
| Listings as % of Homes | 1.5% | 33.0% |
Days on Market | 65 | 25.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Park Forest, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $149,000 |
| Median Household Income | $63,100 |