Elk Grove, IL housing market
Home prices around Elk Grove have risen about 43% over the past 5 years.
Home values, sales, trends and how Elk Grove compares with the towns next door — updated as new data is published.
Home prices up 43% in 5 years
The federal house price index for the ZIP codes around Elk Grove rose 43% over the past 5 years, slower than across Illinois (47%). Last year prices rose 5.8%. Carrying the Census median home value forward with that index puts the typical Elk Grove home at roughly $505,000 today.
Show as a table
| Year | Change that year | Since 2000 | Illinois since 2000 |
|---|---|---|---|
| 2025 | +5.8% | +97% | +96% |
| 2024 | +6.6% | +86% | +85% |
| 2023 | +9% | +75% | +73% |
| 2022 | +10% | +61% | +61% |
| 2021 | +6.1% | +46% | +44% |
| 2020 | +0.2% | +37% | +33% |
| 2019 | +2.1% | +37% | +32% |
| 2018 | +2.3% | +34% | +28% |
| 2017 | +3.5% | +31% | +25% |
| 2016 | +3.4% | +27% | +22% |
| 2015 | +2.4% | +23% | +19% |
| 2014 | +7.8% | +20% | +15% |
| 2013 | +2.1% | +11% | +11% |
| 2012 | −4.5% | +9% | +11% |
| 2011 | −5.9% | +14% | +14% |
| 2010 | −8.9% | +21% | +21% |
| 2009 | −11% | +33% | +29% |
| 2008 | −4.2% | +50% | +40% |
| 2007 | +0.2% | +56% | +45% |
| 2006 | +7.7% | +56% | +43% |
| 2005 | +12% | +45% | +35% |
| 2004 | +8.5% | +30% | +24% |
| 2003 | +4.7% | +20% | +15% |
| 2002 | +6.7% | +14% | +11% |
| 2001 | +7.1% | +7.1% | +5.6% |
| 2000 | — | — | — |
How Elk Grove ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP codes 60007, 60056, 60005, 60018, 60008, 60016, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
Elk Grove and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Elk Grove | — | +5.8%† | $1,930 | — | $88,801 |
| Chicago | $334K | +5.2% | $1,680 | 3,916 | $77,902 |
| Schaumburg | $361K | +4.9% | $2,190 | — | $99,298 |
| Elk Grove Village | $403K | +6.1% | $1,990 | 0 | $94,175 |
| Des Plaines | $359K | +6.9% | $1,710 | 12 | $97,875 |
| Maine | — | +6.4%† | $1,810 | — | $98,291 |
| Addison | $381K | +3.8% | $1,910 | — | $90,991 |
† FHFA price index change, where Zillow has no home value for the town.
3.9 years of income
The typical Elk Grove home costs about 3.9 years of the town's median household income, more than across Illinois (3.6 years).
How Elk Grove ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,930
HUD's Fair Market Rent for a two-bedroom in Elk Grove is $1,930 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Elk Grove pay a median of $1,559, so moving in tends to cost more than staying put. A two-bedroom takes about 26% of the town's median household income.
Studio $1,600 · 4 bedrooms $2,870
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (60005, 60007, 60008, 60016, 60018, 60056; Chicago-Joliet-Naperville, IL HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.