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Featured local agent — Oakwood, IL
Sarah Mitchell
Compass Real Estate · Oakwood, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Oakwood, IL Housing Market
The typical home in Oakwood, IL is worth $174,849, rose 13.8% over the past year (Zillow Home Value Index, July 2026). The last median sale price Redfin published was $235,000, +30.6% year over year (through May 2026). With 1.0 months of supply and homes going under contract in about 23 days, Oakwood is a seller's market. At today's 6.66% 30-year fixed rate, 20% down on a $174,849 home is about $899/mo in principal and interest.
Key numbers for Oakwood, IL
Typical home value
$174,849
+13.8% in 12 months
Zillow, July 2026
Median sale price
$235,000
+30.6% year over year
Redfin, through May 2026
Days on market
23
Average pace
Redfin, through May 2026
Active listings
1
1.0 months of supply
Redfin, through May 2026
30-yr fixed rate
6.66%
Freddie Mac weekly average
Freddie Mac via FRED, August 2026
Median household income
$43,894
Home costs 4.0x income
U.S. Census ACS, 2023
Sale-to-list ratio
100.0%
Selling above asking
Redfin, through May 2026
Zillow figures are as of July 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Oakwood a buyer's or seller's market?
Oakwood, IL is a seller's market, based on 1.0 months of supply and homes selling in about 23 days. Under 2 months of supply is a severe shortage: expect competition on almost anything priced correctly, and little room to negotiate below asking.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Oakwood housing market data show?
Every row below is Redfin's final published month for Oakwood, IL. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $235,000 |
| Median list price | $84,900 |
| Year-over-year price change | +30.6% |
| Median price per sq ft | $142/sq ft |
| Median days on market | 23 days |
| Active inventory | 1 listings |
| Months of supply | 1.0 months |
| Sale-to-list price ratio | 100.0% |
| Homes sold (that month) | 1 |
| New listings (that month) | 2 |
| Market condition | Seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Oakwood is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Oakwood is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Oakwood home prices moved?
Across the 36 months we hold for Oakwood, IL, the median sale price rose 88.0%, from $125,000 in April 2021 to $235,000. The live Zillow value series has rose 13.8% in the last 12 months, which is the more current read now that Redfin's series has stopped. For prices to fall meaningfully from here, supply would have to keep building past 1.0 months while the sale-to-list ratio slips below its current 100.0%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Oakwood?
Priced off the typical home value of $174,849 at the current 6.66% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $34,970 | $139,879 | $899/mo |
| 5% | $8,742 | $166,106 | $1,067/mo |
Zillow, July 2026 for the price · Freddie Mac via FRED, August 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $899, that implies roughly $38,524 a year before you add taxes and insurance. The median household in Oakwood earns $43,894, about $5,370 more than that threshold — the typical local household clears the payment on a typical local home with 20% down. That puts the price-to-income ratio at 4.0x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Oakwood in the next 12 months?
Tell us your timeline. We send the Oakwood market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Oakwood?
Zillow does not publish a rent index (ZORI) for Oakwood, IL, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Oakwood?
Active listings in Oakwood, IL went from 2 in February 2024 to 1 in May 2026, a -50.0% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| April 2024 | 1 | 1 |
| June 2024 | 3 | 2 |
| August 2024 | 3 | 1 |
| September 2024 | 2 | 1 |
| November 2024 | 2 | not published |
| April 2025 | 2 | 3 |
| June 2025 | 1 | 2 |
| August 2025 | 1 | 1 |
| December 2025 | 1 | 1 |
| January 2026 | 2 | 1 |
| April 2026 | 1 | 1 |
| May 2026 | 1 | 2 |
Redfin, through May 2026
How does Oakwood compare to Illinois and the U.S.?
Oakwood homes sell for $235,000 — 30% below the Illinois median of $337,900. Against the national median of $410,700, Oakwood runs 43% lower. Year-over-year, Oakwood moved +30.6% against Illinois's +5.9% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Oakwood, IL | $235,000 | +30.6% | 23 days |
| Illinois statewide | $337,900 | +5.9% | 43 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Oakwood
What buyers should watch
- Months of supply, currently 1.0. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The gap between 5% and 20% down here is $169 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 6.66%, every full point of rate change moves the payment on a $174,849 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Oakwood listing goes under contract in 23 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 100.0% of asking. Price at the number you want and let competition do the rest.
- In the last published month Oakwood added 2 new listings against 1 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +13.8% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Oakwood varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Oakwood
There are currently 1 homes listed for sale in Oakwood, Illinois. The median listing price is $85K.
Active listings
1
Homes on market
Median list price
$85K
Avg. days on market
23
Days until sale
New this week
2
Newly listed
How much do homes cost in Oakwood by property type?
How the Oakwood, IL market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $235,000 | $142/sq ft | 1 | 23 days |
| Condo / co-op | $128,000 | $88/sq ft | 1 | 21 days |
Who lives in Oakwood?
American Community Survey estimates for Oakwood. U.S. Census ACS, 2023
Population
1,243
Households
569
Median income
$43,894/yr
Median age
40.8 years
Owner-occupied
75.9%
Median home value
$98,300
Median gross rent
$795/mo
Mean commute
24.9 min
75.9% of occupied homes in Oakwood are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $98,300 against Zillow's $174,849 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions.
Which public schools serve Oakwood?
1 schools tracked · 552 students
The largest public schools serving Oakwood, 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.
Oakwood Grade School
Grades PK-8 · 552 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 Oakwood, IL?
Ordered by distance from Oakwood, not by size. Compare Oakwood side by side with any of them.
Oakwood housing market FAQ
Is Oakwood a buyer's or seller's market?
Oakwood, IL is currently a seller's market. That read comes from 1.0 months of supply, homes going under contract in about 23 days, and sellers getting 100.0% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Oakwood?
The typical home in Oakwood, IL is worth $174,849 (Zillow Home Value Index, July 2026). The median sale price in the last month Redfin published was $235,000, about $142 per square foot.
Is Oakwood cheaper than the rest of Illinois?
Oakwood's median sale price of $235,000 is 30% lower than the Illinois statewide median of $337,900, and 43% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Oakwood?
Homes in Oakwood, IL spent a median of 23 days on market before going under contract, versus 43 days statewide. That is a normal pace: enough time to see a home twice, not enough to wait a month. (Redfin, through May 2026.)
What income do you need to buy a home in Oakwood?
At the current 30-year fixed rate of 6.66%, 20% down on a $174,849 home is about $899 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $38,524 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $43,894.
Are home prices rising in Oakwood?
The typical home value in Oakwood, IL rose 13.8% over the last 12 months, from $153,599 to $174,849 (Zillow, July 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Oakwood?
Oakwood ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Oakwood?
That depends on your timeline, not on a headline. What the data says today: Oakwood, IL is a seller's market with 1.0 months of supply, the 30-year fixed rate is 6.66%. Properties Incorporated publishes the data; it does not give financial advice.
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