Are Home Prices Rising or Falling in Frankfort, IL?
Frankfort, a city near Chicago, IL, is a higher-priced market where price growth has slowed. The median sale price reached $664,560 in the 3 months ending August 2026, up 1.9% year over year. Here's why, and what buyers and sellers should know today.
The National Picture
Home prices across the U.S. rose about 2% in the three months ending August 2026, bringing the national median to ~$399K. The typical household earns around $88,000 and spends 34.4% of income on housing, down 1.6 points from last year. Supply has loosened somewhat, with about 4 months of inventory available and roughly 20% of listings sitting with a price reduction.
Home Prices in the Chicago Area
The typical household in the Chicago metro earns about $99,000 per year and devotes 35.1% of that to housing. At Frankfort's median of ~$665K, buyers here likely need well above the metro median income or a larger down payment. About 42.3% of metro-wide listings are affordable to a median-income household, and Frankfort's price point falls above that threshold for most.
Modest Growth as Inventory Builds
Frankfort's 1.9% gain is modest relative to many Chicago-area cities. The median of ~$665K puts it among the most expensive in the south suburbs. About 26.7% of homes sold above asking, below the metro average, and the sale-to-list ratio of 98.8% indicates buyers are negotiating slightly below list. Homes sat on market a median of 48 days, though that's 12 days faster than last year.
Nearby, Prestwick (a Frankfort neighborhood) posted a 28% price surge to ~$638K. Plainfield saw prices drop 5.4% to ~$505K, while Bolingbrook (~$400K) and Joliet (~$345K) both gained ground at lower price points.
Why Are Prices Rising in Frankfort?
Growing inventory is tempering price gains here. Active listings jumped 21.1% and new listings rose nearly 25%, giving buyers more options. At the same time, pending sales fell about 10%, suggesting demand hasn't kept up with the supply increase. About 24.0% of listings carry a price cut, and 3.3 months of supply is above the metro norm. The result is a market where sellers may need to price carefully to attract offers.
Nearby Neighborhoods
| Neighborhood | Median Price | Price YoY | Price Drops | Months of Supply |
|---|---|---|---|---|
| Frankfort ★ | $664,560 | +1.9% | 24.0% | 3.3 |
| Prestwick | $638,492 | +28.1% | 19.8% | 1.9 |
| Joliet | $344,772 | +11.2% | 22.4% | 2.7 |
| Plainfield | $504,666 | -5.4% | 32.0% | 3.2 |
| Bolingbrook | $399,735 | +9.5% | 15.3% | 2.4 |
| Lockport | $381,747 | +6.1% | 28.1% | 2.5 |
Limited to neighborhoods with at least 10 home sales in the period.
All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.
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