Oak Park, IL—60302
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oak Park, IL
As of Oct '25, the median home price in Oak Park, IL is $421,000, with a year-over-year change of 4.8%. This indicates that home prices in Oak Park, IL are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $421,000 | 4.8% |
| Single Family | $641,000 | 7.9% |
| Condos | $209,000 | 1.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $161,000 | 3.9% |
2 Bed | $257,000 | 4.9% |
3 Bed | $517,000 | 7.5% |
4 Bed | $730,000 | 8.6% |
| 5 Bed | $976,000 | 6.1% |
% of Housing Stock
Rental Trends — Oak Park, IL
As of July '25, Rentcast reports the average rent in Oak Park, IL is $2,100, with a year-over-year rent change of -13.6%. Per bedroom, the median rent as of July '25 in Oak Park, IL is studios: $1,310, 1-bedrooms: $1,790, 2-bedrooms: $2,390, 3-bedrooms: $3,040, 4-bedrooms: $5,250. The most common rental property sizes in Oak Park, IL are 1-bedroom and 2-bedroom, accounting for 52.0% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $2,100 |
| Studio Rent | $1,250 | $1,310 |
| 1 Bed Rent | $1,550 | $1,790 |
| 2 Bed Rent | $2,100 | $2,390 |
| 3 Bed Rent | $2,850 | $3,040 |
| 4 Bed Rent | $5,250 | $5,250 |
% of Rental Stock
Property Listings — Oak Park, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Oak Park, IL is 31. This is a decrease of -21.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $364,000 | -12.0% |
Listing Count | 123 | -9.0% |
| Listings as % of Homes | 0.6% | -9.0% |
Days on Market | 31 | -21.0% |
Demographics — Oak Park, IL
As of the latest ACS Survey released in 2023, Oak Park, IL has a population of 32,600, which has increased by 1.7% over the past 5 years. Oak Park, IL is a moderately popular place for families, as children make up 22.9% of the population. The area has a highly educated workforce, with 71.3% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,600 | 1.7% |
% Under 18 | 22.9% | -1.7% |
% Seniors | 19.8% | 24.5% |
% WFH | 29.6% | 221.7% |
% w/ College Degree | 71.3% | 3.0% |
As of the latest ACS Survey released in 2023, Oak Park, IL is a predominantly white area, with 62.1% of the population identifying as white. The white population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Oak Park, IL is black, making up 21.0% of the population. Foreign-born residents account for 8.6% of the population in Oak Park, IL, and this percentage has decreased by 9.5% 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 | 62.1% | -1.3% |
% Black | 21.0% | 7.7% |
% Hispanic | 7.6% | -5.0% |
% Asian | 4.4% | -12.0% |
% Foreign Born | 8.6% | -9.5% |
Mortgage and Risk — Oak Park, IL
According to HUD data as of 2023, there were 486 mortgage originations in Oak Park, IL, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Oak Park, IL. Investor activity is low, as 2.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 486 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Oak Park, IL
As of 2024, the percent of homes in Oak Park, IL under the Section 8 program is 12.2%. 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 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 | 900 |
Total Units Section 8 | 682 |
% Rentals under Section 8 | 12.2% |
% Occupied Section 8 | 84.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $1,550 | $1,590 |
| 2 Bedroom | -$300 | $2,100 | $1,800 |
| 3 Bedroom | -$540 | $2,850 | $2,310 |
| 4 Bedroom | -$2,530 | $5,250 | $2,720 |
Affordability — Oak Park, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $421,000 |
| Median Household Income | $97,400 |