Harvey, IL—60426
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Harvey, IL
As of Oct '25, the median home price in Harvey, IL is $100,000, with a year-over-year change of -9.0%. This indicates that home prices in Harvey, IL are decreasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $100,000 | -9.0% |
| Single Family | $100,000 | -9.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $82,000 | -5.7% |
3 Bed | $104,000 | -9.6% |
4 Bed | $123,000 | -8.9% |
| 5 Bed | $143,000 | -9.5% |
% of Housing Stock
Rental Trends — Harvey, IL
As of July '25, Rentcast reports the average rent in Harvey, IL is $1,690, with a year-over-year rent change of 33.1%. Per bedroom, the median rent as of July '25 in Harvey, IL is 1-bedrooms: $910, 2-bedrooms: $1,600, 3-bedrooms: $1,790, 4-bedrooms: $1,900. The most common rental property sizes in Harvey, IL are 3-bedroom and 1-bedroom, accounting for 30.6% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,690 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $910 | $910 |
| 2 Bed Rent | $1,800 | $1,600 |
| 3 Bed Rent | $1,650 | $1,790 |
| 4 Bed Rent | $1,900 | $1,900 |
% of Rental Stock
Property Listings — Harvey, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Harvey, IL is 49. This is a increase of 9.0% 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 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $150,000 | 7.0% |
Listing Count | 105 | -1.0% |
| Listings as % of Homes | 0.9% | -1.0% |
Days on Market | 49 | 9.0% |
Demographics — Harvey, IL
As of the latest ACS Survey released in 2023, Harvey, IL has a population of 23,100, which has decreased by -20.3% over the past 5 years. Harvey, IL is a moderately popular place for families, as children make up 23.3% of the population. The area has a poorly educated workforce, with 9.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,100 | -20.3% |
% Under 18 | 23.3% | -12.1% |
% Seniors | 16.5% | 17.9% |
% WFH | 4.6% | 53.3% |
% w/ College Degree | 9.9% | -7.5% |
As of the latest ACS Survey released in 2023, Harvey, IL is a predominantly black area, with 59.6% of the population identifying as black. The black population has shrunk by 17.7% in the last 5 years. The second most common race or ethnicity in Harvey, IL is hispanic, making up 33.2% of the population. Foreign-born residents account for 17.0% of the population in Harvey, IL, and this percentage has increased by 63.5% 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 | 2.8% | -15.2% |
% Black | 59.6% | -17.7% |
% Hispanic | 33.2% | 55.1% |
% Asian | 2.0% | 25.0% |
% Foreign Born | 17.0% | 63.5% |
Mortgage and Risk — Harvey, IL
According to HUD data as of 2023, there were 195 mortgage originations in Harvey, IL, of which 49.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 53.0% above 90% LTV (very high). This implies large mortgage risk in Harvey, IL. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 195 |
% Conventional Loans | 49.0% |
% Government Loans | 51.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Harvey, IL
As of 2024, the percent of homes in Harvey, IL under the Section 8 program is 18.5%. 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. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Harvey, IL, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 828 |
Total Units Section 8 | 718 |
% Rentals under Section 8 | 18.5% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $910 | $1,210 |
| 2 Bedroom | -$430 | $1,800 | $1,370 |
| 3 Bedroom | $110 | $1,650 | $1,760 |
| 4 Bedroom | $170 | $1,900 | $2,070 |
Affordability — Harvey, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $100,000 |
| Median Household Income | $41,000 |