Oak Park, IL Housing Market Update: Prices Up, Faster Sales, and Mortgage Rates Dip Below 6%
Oak Park, IL – February 28, 2026 – Median sale prices rose while homes took less time to sell; rates under 6% may lift local spring demand slightly.
Early spring activity is picking up in Oak Park, but the market still looks like a mix of modest price gains and ongoing negotiation on many listings.
Top takeaways
- Median sale price: about $380K in Jan. 2026, up 3.4% year over year.
- Sales pace: 31 homes sold in Jan. (down from 38 a year ago), while median time to sell improved to 52 days.
- Negotiation signals: sale-to-list was 97%, with 22.6% selling above list and 16.9% showing price drops.
Construction & buying conditions
For remodels and additions, the Village notes that permits applied for after Jan. 1, 2026 follow updated building code standards (2024 I-Codes and the 2023 NEC). That’s a useful reminder to confirm requirements before pulling permits and finalizing scope.
On the financing side, Freddie Mac reported the average 30-year fixed rate at 5.98% for the week ending Feb. 26, 2026, dipping below 6% for the first time in years. If rates stay near that level into March, more rate-sensitive buyers may re-enter the market.
What shoppers are seeing
Asking prices on major portals currently range from condos in the mid-$200Ks to single-family homes in the $400Ks–$700Ks, with occasional larger or multifamily properties priced above $1M.