Homewood, IL—60430
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Homewood, IL
As of Oct '25, the median home price in Homewood, IL is $241,000, with a year-over-year change of 0.9%. This indicates that home prices in Homewood, IL are flat. 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 | $241,000 | 0.9% |
| Single Family | $260,000 | 1.6% |
| Condos | $130,000 | -7.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $167,000 | 1.2% |
3 Bed | $245,000 | 1.7% |
4 Bed | $296,000 | 1.4% |
| 5 Bed | $336,000 | 1.2% |
% of Housing Stock
Rental Trends — Homewood, IL
As of July '25, Rentcast reports the average rent in Homewood, IL is $2,010, with a year-over-year rent change of -2.0%. Per bedroom, the median rent as of July '25 in Homewood, IL is 1-bedrooms: $1,620, 2-bedrooms: $1,860, 3-bedrooms: $2,600. The most common rental property sizes in Homewood, IL are 2-bedroom and 3-bedroom, accounting for 41.9% and 30.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $2,010 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,620 |
| 2 Bed Rent | $1,700 | $1,860 |
| 3 Bed Rent | $2,700 | $2,600 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Homewood, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Homewood, IL is 42. This is a increase of 4.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $260,000 | -9.0% |
Listing Count | 102 | 4.0% |
| Listings as % of Homes | 1.1% | 4.0% |
Days on Market | 42 | 4.0% |
Demographics — Homewood, IL
As of the latest ACS Survey released in 2023, Homewood, IL has a population of 20,000, which has decreased by -1.2% over the past 5 years. Homewood, IL is a popular place for families, as children make up 26.5% of the population. The area has a highly educated workforce, with 46.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,000 | -1.2% |
% Under 18 | 26.5% | 7.7% |
% Seniors | 18.0% | 6.5% |
% WFH | 12.8% | 166.7% |
% w/ College Degree | 46.1% | 7.7% |
As of the latest ACS Survey released in 2023, Homewood, IL is a predominantly black area, with 44.7% of the population identifying as black. The black population has grown by 4.7% in the last 5 years. The second most common race or ethnicity in Homewood, IL is white, making up 42.0% of the population. Foreign-born residents account for 6.1% of the population in Homewood, IL, and this percentage has decreased by 10.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 42.0% | -11.0% |
% Black | 44.7% | 4.7% |
% Hispanic | 8.7% | 61.1% |
% Asian | 1.4% | -30.0% |
% Foreign Born | 6.1% | -10.3% |
Mortgage and Risk — Homewood, IL
According to HUD data as of 2023, there were 318 mortgage originations in Homewood, IL, of which 67.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Homewood, IL. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 318 |
% Conventional Loans | 67.0% |
% Government Loans | 33.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Homewood, IL
Homewood, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 269 |
Total Units Section 8 | 268 |
% Rentals under Section 8 | 9.3% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $10 | $1,500 | $1,510 |
| 2 Bedroom | $0 | $1,700 | $1,700 |
| 3 Bedroom | -$520 | $2,700 | $2,180 |
| 4 Bedroom | N/A | N/A | $2,560 |
Affordability — Homewood, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $241,000 |
| Median Household Income | $91,400 |