Gurnee, IL—60031
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gurnee, IL
As of Oct '25, the median home price in Gurnee, IL is $358,000, with a year-over-year change of 3.9%. This indicates that home prices in Gurnee, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $358,000 | 3.9% |
| Single Family | $375,000 | 4.2% |
| Condos | $231,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $162,000 | 5.2% |
2 Bed | $239,000 | 3.5% |
3 Bed | $337,000 | 4.0% |
4 Bed | $461,000 | 4.1% |
| 5 Bed | $543,000 | 2.8% |
% of Housing Stock
Rental Trends — Gurnee, IL
As of July '25, Rentcast reports the average rent in Gurnee, IL is $2,090, with a year-over-year rent change of -2.3%. Per bedroom, the median rent as of July '25 in Gurnee, IL is studios: $1,740, 1-bedrooms: $1,840, 2-bedrooms: $2,160, 3-bedrooms: $2,550, 4-bedrooms: $3,260. The most common rental property sizes in Gurnee, IL are 1-bedroom and 2-bedroom, accounting for 40.1% and 39.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,090 |
| Studio Rent | $1,690 | $1,740 |
| 1 Bed Rent | $1,840 | $1,840 |
| 2 Bed Rent | $2,150 | $2,160 |
| 3 Bed Rent | $2,500 | $2,550 |
| 4 Bed Rent | $3,150 | $3,260 |
% of Rental Stock
Property Listings — Gurnee, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Gurnee, IL is 33. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $374,000 | 0.0% |
Listing Count | 111 | 17.0% |
| Listings as % of Homes | 0.5% | 17.0% |
Days on Market | 33 | -3.0% |
Demographics — Gurnee, IL
As of the latest ACS Survey released in 2023, Gurnee, IL has a population of 37,200, which has remained stable by 0.1% over the past 5 years. Gurnee, IL is a moderately popular place for families, as children make up 20.6% of the population. The area has a highly educated workforce, with 53.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,200 | 0.1% |
% Under 18 | 20.6% | -14.2% |
% Seniors | 14.4% | 20.0% |
% WFH | 17.8% | 212.3% |
% w/ College Degree | 53.8% | 8.0% |
As of the latest ACS Survey released in 2023, Gurnee, IL is a predominantly white area, with 61.4% of the population identifying as white. The white population has shrunk by 2.2% in the last 5 years. The second most common race or ethnicity in Gurnee, IL is hispanic, making up 15.8% of the population. Foreign-born residents account for 16.4% of the population in Gurnee, IL, and this percentage has increased by 3.8% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.4% | -2.2% |
% Black | 7.0% | -2.8% |
% Hispanic | 15.8% | 21.5% |
% Asian | 12.8% | -1.5% |
% Foreign Born | 16.4% | 3.8% |
Mortgage and Risk — Gurnee, IL
According to HUD data as of 2023, there were 776 mortgage originations in Gurnee, IL, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Gurnee, IL. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 776 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Gurnee, IL
As of 2024, the percent of homes in Gurnee, IL under the Section 8 program is 15.1%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Gurnee, IL, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 644 |
Total Units Section 8 | 524 |
% Rentals under Section 8 | 15.1% |
% Occupied Section 8 | 91.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,840 | $1,740 |
| 2 Bedroom | -$180 | $2,150 | $1,970 |
| 3 Bedroom | $30 | $2,500 | $2,530 |
| 4 Bedroom | -$180 | $3,150 | $2,970 |
Affordability — Gurnee, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $358,000 |
| Median Household Income | $114,000 |