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Featured local agent — Homewood, IL
Sarah Mitchell
Compass Real Estate · Homewood, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Homewood, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$247,350median sale price
How is the Homewood, IL housing market right now?
The median home sale price in Homewood, IL is $247,350, up 11.2% year-over-year. Homes sell in an average of 66 days with 112 active listings. The market is currently a leaning buyer's. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Homewood a buyer's or seller's market?
Homewood, IL is currently a leaning buyer's, based on 4.5 months of supply and homes selling in about 66 days. How we determine this →
Homes sold
25
Last 12 weeks
Days on market
66
Average pace
Active listings
112
4.5 months supply
Sale-to-list
98.1%
Below asking
What does the Homewood housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $247,350 |
| Median list price | $289,500 |
| Year-over-year price change | +11.2% |
| Average days on market | 66 days |
| Active inventory | 112 listings |
| Months of supply | 4.5 months |
| Sale-to-list price ratio | 98.1% |
| Median price per sq ft | $163/sq ft |
| Homes sold (latest month) | 25 |
| New listings (latest month) | 35 |
| Listings with a price cut | 26.8% |
| Market condition | Leaning buyer's |
Source: Redfin · Updated monthly
How much do homes cost in Homewood by property type?
How the Homewood, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $279,000 | $170/sq ft | 19 | 63 days |
| Condo / Co-op | $155,000 | $148/sq ft | 6 | 147 days |
| Townhouse | $210,500 | $117/sq ft | 1 | 83 days |
Source: Redfin · Updated monthly
The Homewood housing market is currently classified as a leaning buyer's with a median sale price of $247,350. Prices have risen 11.2% compared to last year, with homes spending an average of 66 days on market, indicating 4.5 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 2.7x provides context for how home values compare to local earning capacity.
Homes for sale in Homewood
There are currently 112 homes listed for sale in Homewood, Illinois. The median listing price is $290K.
Active listings
112
Homes on market
Median list price
$290K
Avg. days on market
66
Days until sale
New this week
35
Newly listed
Who lives in Homewood?
Population
19,471
Median income
$96,522/yr
Median age
39.8 years
Owner-occupied
79.4%
College grads
46.1%
Avg commute
31.6 min
Source: U.S. Census Bureau ACS
What are homes worth in Homewood?
Zillow home value
$256,625
Zillow rent index
$2,524/mo
Price-to-rent ratio
8.5x
Price-to-income
2.7x
Source: Zillow Research
What is it like to live in Homewood?
Homewood is a community of approximately 19K residents with a median age of 39.8 years.The median household income is $96,522, which reflects a relatively affluent area with strong earning potential. 46.1% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 79.4%, reflecting strong community stability and long-term resident commitment. The average commute time is 31.6 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Homewood offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Homewood?
3 schools tracked · 1,849 students
The largest public schools serving Homewood, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
James Hart School
Grades 6-8 · 703 students
Willow School
Grades PK-2 · 600 students
Winston Churchill School
Grades 3-5 · 546 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Homewood, IL?
Want a head-to-head view? Compare Homewood side-by-side with any other U.S. city using our market-comparison tool.
Is Homewood a good real estate investment market?
For investors evaluating Homewood, the price-to-rent ratio of 8.5x suggests potential rental yield opportunity, making the market attractive for income-focused investors. The market has appreciated 11.2% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Homewood's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Homewood's median home price.
Frequently asked questions
What is the average home price in Homewood?
The median home sale price in Homewood is $247,350, up 11.2% from last year.
How long do homes stay on market in Homewood?
Homes typically spend 66 days on market before going under contract.
What is the median income in Homewood?
The median household income is $96,522 per year.
Is Homewood a buyer's or seller's market?
With 4.5 months of supply, Homewood is currently a leaning buyer's.
What is the Zillow home value estimate for Homewood?
The Zillow Home Value Index (ZHVI) for Homewood is $256,625, representing the typical home value in the area.
What is the median condo price in Homewood?
The median condo/co-op sale price in Homewood, IL is $155,000, compared to $279,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Homewood?
The median single-family home price in Homewood, IL is $279,000 (about $170 per square foot).
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