Elwood, IL—60421
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elwood, IL
As of Oct '25, the median home price in Elwood, IL is $309,000, with a year-over-year change of 1.4%. This indicates that home prices in Elwood, 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 | $309,000 | 1.4% |
| Single Family | $313,000 | 1.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $309,000 | 3.3% |
4 Bed | $355,000 | 3.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elwood, IL
As of July '25, Rentcast reports the average rent in Elwood, IL is $1,720, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Elwood, IL is 1-bedrooms: $1,400, 2-bedrooms: $1,500, 4-bedrooms: $2,500. The most common rental property sizes in Elwood, IL are 2-bedroom and 3-bedroom, accounting for 57.6% and 18.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,720 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,400 | $1,400 |
| 2 Bed Rent | $1,500 | $1,500 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $2,500 | $2,500 |
% of Rental Stock
Property Listings — Elwood, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Elwood, IL is 42. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $349,000 | -7.0% |
Listing Count | 9 | -30.0% |
| Listings as % of Homes | 0.4% | -30.0% |
Days on Market | 42 | 37.0% |
Demographics — Elwood, IL
As of the latest ACS Survey released in 2023, Elwood, IL has a population of 3,790, which has decreased by -1.5% over the past 5 years. Elwood, IL is a moderately popular place for families, as children make up 16.1% of the population. The area has a poorly educated workforce, with 18.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,790 | -1.5% |
% Under 18 | 16.1% | -28.8% |
% Seniors | 17.9% | 20.1% |
% WFH | 7.1% | 91.9% |
% w/ College Degree | 18.4% | -0.5% |
As of the latest ACS Survey released in 2023, Elwood, IL is a predominantly white area, with 81.9% of the population identifying as white. The white population has shrunk by 5.8% in the last 5 years. The second most common race or ethnicity in Elwood, IL is hispanic, making up 13.8% of the population. Foreign-born residents account for 5.9% of the population in Elwood, IL, and this percentage has increased by 210.5% 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 | 81.9% | -5.8% |
% Black | 4.1% | 70.8% |
% Hispanic | 13.8% | 66.3% |
% Asian | 0.2% | -50.0% |
% Foreign Born | 5.9% | 210.5% |
Mortgage and Risk — Elwood, IL
According to HUD data as of 2023, there were 133 mortgage originations in Elwood, IL, of which 56.0% of loans were conventional mortgages. The average loan-to-value was 80.0%, with 53.0% above 90% LTV (very high). This implies large mortgage risk in Elwood, IL. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 133 |
% Conventional Loans | 56.0% |
% Government Loans | 44.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Elwood, IL
Elwood, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 3.9% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$200 | $1,400 | $1,200 |
| 2 Bedroom | -$140 | $1,500 | $1,360 |
| 3 Bedroom | N/A | N/A | $1,750 |
| 4 Bedroom | -$450 | $2,500 | $2,050 |
Affordability — Elwood, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $309,000 |
| Median Household Income | $102,000 |