The story of this market
The typical home in ZIP 60421 sells for about $639,950, or $215 per square foot.
Prices are down 11.2% from a year ago, which gives buyers more room to negotiate. Homes take about 29 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,188 a month.
ZIP 60421 — Elwood
The Frankfort housing market is currently experiencing a period of price stabilization following recent volatility. While inventory remains somewhat tight, buyer demand is supported by the area's strong school reputation and suburban appeal, leading to a competitive but balanced market environment.
Frankfort is ideal for families seeking high-quality schools and a suburban lifestyle, as well as professionals commuting to the Chicago area who value community amenities.
Median prices moved down 11.2% year over year.
Homes spend a median of 29 days on market with 3.2 months of supply — a fast-moving market.
19% of listings have cut prices · homes sell at 99% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.8% · poverty 5.1% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.5%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 60421, Will County IL
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Frankfort maintains a low crime rate compared to regional averages in the Chicago metropolitan area, with property crime being the primary concern.
The area is served by highly-rated public schools, including Lincoln-Way East High School, which is frequently recognized for academic excellence.
The region faces moderate risks from severe thunderstorms and occasional flooding in low-lying areas, with standard insurance coverage typically sufficient.
Economic momentum is driven by its status as a desirable residential suburb with ongoing commercial development along the La Grange Road corridor.
Property taxes in Frankfort are primarily determined by Will County assessments, with significant portions allocated to local school districts and municipal services.
Commuters primarily utilize the Metra Rock Island District line for transit to downtown Chicago or drive via I-80 and I-57.
The village features extensive park systems, the Old Plank Road Trail for cycling, and proximity to various golf courses and local shopping districts.
The rental market is characterized by low vacancy rates and high demand for single-family home rentals, with limited multi-family inventory.
The local economy is supported by a mix of retail, professional services, and proximity to major industrial hubs in Will County.
The area is well-connected by major highway corridors including I-80 and I-57, facilitating regional travel.
Development is focused on maintaining the village's historic character while allowing for controlled residential growth.
Will County assessments are conducted annually to reflect market value changes.
Parcels are subject to various taxing districts including Lincoln-Way Community High School District 210.
Property insurance premiums are stable, reflecting the area's low risk for major natural disasters.
Data retrieved from data.census.gov for ZCTA 60421.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A popular multi-use trail for walking and cycling.
Features local boutiques and restaurants in a historic setting.
A private golf course serving the local community.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.