Elmwood Park, IL 60707 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Elmwood Park, IL—60707

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$324,000

0.8% YoY Growth

Household Income

$82,700

43.8% YoY Growth

Days on Market

11.0% Shorter YoY

Home Price Forecast

1.6%

Median Rent

$1,850

18.1% YoY Growth

1-Bed Rent

$1,400

4.5% YoY Growth

2-Bed Rent

$2,200

17.5% YoY Growth

3-Bed Rent

$2,750

2.6% YoY Growth

Home Price Trends — Elmwood Park, IL

As of Dec '25, the median home price in Elmwood Park, IL is $324,000, with a year-over-year change of 0.8%. This indicates that home prices in Elmwood Park, IL are flat. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$324,000	0.8%
Single Family	$356,000	1.7%
Condos	$186,000	-6.5%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Elmwood Park, IL

As of July '25, Rentcast reports the average rent in Elmwood Park, IL is $2,030, with a year-over-year rent change of -18.1%. Per bedroom, the median rent as of July '25 in Elmwood Park, IL is studios: $1,160, 1-bedrooms: $1,390, 2-bedrooms: $2,220, 3-bedrooms: $2,610, 4-bedrooms: $4,400. The most common rental property sizes in Elmwood Park, IL are 2-bedroom and 1-bedroom, accounting for 46.6% and 28.4% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,850	$2,030
Studio Rent	$1,200	$1,160
1 Bed Rent	$1,400	$1,390
2 Bed Rent	$2,200	$2,220
3 Bed Rent	$2,750	$2,610
4 Bed Rent	$4,400	$4,400

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% of Rental Stock

Studio

3.9%

1 Bedroom

28.4%

2 Bedrooms

46.6%

3 Bedrooms

17.4%

4 Bedrooms

2.6%

5+ Bedrooms

1.1%

Property Listings — Elmwood Park, IL

As of Dec '25, Realtor.com reports that the median days on market for a home in Elmwood Park, IL is 40. 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 19.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$372,000	-4.0%
Listing Count	83	-18.0%
Listings as % of Homes	0.6%	-18.0%
Days on Market	50	-11.0%

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Demographics — Elmwood Park, IL

As of the latest ACS Survey released in 2023, Elmwood Park, IL has a population of 40,900, which has decreased by -4.9% over the past 5 years. Elmwood Park, IL is a moderately popular place for families, as children make up 22.1% of the population. The area has a moderately educated workforce, with 31.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.5% reporting working from home.

Metric	Latest Census	YoY % Change
Population	40,900	-4.9%
% Under 18	22.1%	2.3%
% Seniors	15.9%	1.3%
% WFH	12.5%	316.7%
% w/ College Degree	31.1%	17.4%

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As of the latest ACS Survey released in 2023, Elmwood Park, IL is a predominantly white area, with 45.0% of the population identifying as white. The white population has shrunk by 6.4% in the last 5 years. The second most common race or ethnicity in Elmwood Park, IL is hispanic, making up 42.7% of the population. Foreign-born residents account for 24.9% of the population in Elmwood Park, IL, and this percentage has increased by 2.5% 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	45.0%	-6.4%
% Black	7.7%	-3.7%
% Hispanic	42.7%	11.2%
% Asian	2.9%	-25.6%
% Foreign Born	24.9%	2.5%

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Mortgage and Risk — Elmwood Park, IL

According to HUD data as of 2023, there were 500 mortgage originations in Elmwood Park, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Elmwood Park, IL. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	500
% Conventional Loans	79.0%
% Government Loans	21.0%
% Investor Loans	2.0%
% Second Loans	0.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Elmwood Park, IL

As of 2024, the percent of homes in Elmwood Park, IL under the Section 8 program is 6.6%. 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 units appear to be good home sizes to consider for Section 8 housing in Elmwood Park, 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	481
Total Units Section 8	375
% Rentals under Section 8	6.6%
% Occupied Section 8	88.3%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$80	$1,400	$1,480
2 Bedroom	-$530	$2,200	$1,670
3 Bedroom	-$600	$2,750	$2,150
4 Bedroom	-$1,880	$4,400	$2,520

Elmwood Park, IL—60707

Key Metrics at a Glance

Home Price Trends — Elmwood Park, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Elmwood Park, IL

% of Rental Stock

Property Listings — Elmwood Park, IL

Demographics — Elmwood Park, IL

Race and Ethnicity

Mortgage and Risk — Elmwood Park, IL

Mortgages

Rentals and Section 8 — Elmwood Park, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Elmwood Park, IL

Home Price to Income Ratio

Elmwood Park, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Dunning, Chicago, IL

River Forest, IL

River Grove, IL

Oak Park, IL

Oak Park, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.5
Median Home Price	$324,000
Median Household Income	$82,700

Elmwood Park, IL—60707

Key Metrics at a Glance

Home Price Trends — Elmwood Park, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Elmwood Park, IL

% of Rental Stock

Property Listings — Elmwood Park, IL

Demographics — Elmwood Park, IL

Race and Ethnicity

Mortgage and Risk — Elmwood Park, IL

Mortgages

Rentals and Section 8 — Elmwood Park, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Elmwood Park, IL

Home Price to Income Ratio

Elmwood Park, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Dunning, Chicago, IL

River Forest, IL

River Grove, IL

Oak Park, IL

Oak Park, IL

Frequently Asked Questions

What is the average home price in Elmwood Park, IL 60707?

How have home prices in Elmwood Park, IL 60707 changed over the past year?

What is the home price projection for Elmwood Park, IL 60707?

What are the demographics of Elmwood Park, IL 60707?

How long does it take homes to sell in Elmwood Park, IL 60707?

What is the average rent price in Elmwood Park, IL 60707?