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Elwood, IL—60421

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$308,000
1.8% YoY Growth
Household Income
$102,000
25.8% YoY Growth
Days on Market
50
22.0% Longer YoY
Home Price Forecast
1.5%
Median Rent
$1,500
0.0% YoY Growth
1-Bed Rent
$1,400
N/A
2-Bed Rent
$1,500
2.7% YoY Growth
3-Bed Rent
N/A
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Elwood, IL

As of Dec '25, the median home price in Elwood, IL is $308,000, with a year-over-year change of 1.8%. This indicates that home prices in Elwood, IL are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$308,0001.8%
Single Family $311,0002.3%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		N/AN/A
    3 Bed
    		$308,0003.4%
    4 Bed
    		$355,0003.8%
    5 Bed N/AN/A
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    % of Housing Stock

    1 Bedroom
    1.7%
    2 Bedrooms
    21.6%
    3 Bedrooms
    55.0%
    4 Bedrooms
    16.3%
    5+ Bedrooms
    5.3%

    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.

    TypeMedian RentAverage Rent
    Average Rent$1,500$1,720
    Studio Rent N/AN/A
    1 Bed Rent $1,400$1,400
    2 Bed Rent $1,500$1,500
    3 Bed Rent N/AN/A
    4 Bed Rent $2,500$2,500
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    % of Rental Stock

    1 Bedroom
    13.8%
    2 Bedrooms
    57.6%
    3 Bedrooms
    18.2%
    4 Bedrooms
    10.3%

    Property Listings — Elwood, IL

    As of Dec '25, Realtor.com reports that the median days on market for a home in Elwood, IL is 34. This is a increase of 29.0% 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.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$334,000-9.0%
    Listing Count
    		9-41.0%
    Listings as % of Homes0.4%-41.0%
    Days on Market
    		5022.0%
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    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.

    MetricLatest CensusYoY % 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%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$200$1,400$1,200
    2 Bedroom-$140$1,500$1,360
    3 BedroomN/AN/A$1,750
    4 Bedroom-$450$2,500$2,050

    Affordability — Elwood, IL

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.6
    Median Home Price$308,000
    Median Household Income$102,000

    Elwood, IL — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions