Joliet, IL—60431
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Joliet, IL
As of Oct '25, the median home price in Joliet, IL is $342,000, with a year-over-year change of 3.4%. This indicates that home prices in Joliet, IL are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $342,000 | 3.4% |
| Single Family | $348,000 | 3.3% |
| Condos | $276,000 | 4.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $265,000 | 3.1% |
3 Bed | $333,000 | 3.4% |
4 Bed | $398,000 | 2.8% |
| 5 Bed | $441,000 | 2.8% |
% of Housing Stock
Rental Trends — Joliet, IL
As of July '25, Rentcast reports the average rent in Joliet, IL is $2,360, with a year-over-year rent change of 2.6%. Per bedroom, the median rent as of July '25 in Joliet, IL is studios: $1,350, 1-bedrooms: $1,880, 2-bedrooms: $2,290, 3-bedrooms: $2,770, 4-bedrooms: $2,860. The most common rental property sizes in Joliet, IL are 1-bedroom and 3-bedroom, accounting for 37.2% and 26.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,340 | $2,360 |
| Studio Rent | $1,350 | $1,350 |
| 1 Bed Rent | $1,900 | $1,880 |
| 2 Bed Rent | $2,300 | $2,290 |
| 3 Bed Rent | $2,850 | $2,770 |
| 4 Bed Rent | $2,940 | $2,860 |
% of Rental Stock
Property Listings — Joliet, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Joliet, IL is 26. This is a decrease of -12.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $381,000 | 5.0% |
Listing Count | 129 | 43.0% |
| Listings as % of Homes | 0.7% | 43.0% |
Days on Market | 26 | -12.0% |
Demographics — Joliet, IL
As of the latest ACS Survey released in 2023, Joliet, IL has a population of 26,800, which has increased by 15.4% over the past 5 years. Joliet, IL is a popular place for families, as children make up 26.3% of the population. The area has a moderately educated workforce, with 31.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,800 | 15.4% |
% Under 18 | 26.3% | 4.4% |
% Seniors | 12.1% | 5.2% |
% WFH | 8.4% | 104.9% |
% w/ College Degree | 31.1% | 22.0% |
As of the latest ACS Survey released in 2023, Joliet, IL is a predominantly white area, with 56.5% of the population identifying as white. The white population has shrunk by 11.7% in the last 5 years. The second most common race or ethnicity in Joliet, IL is hispanic, making up 24.0% of the population. Foreign-born residents account for 6.9% of the population in Joliet, IL, and this percentage has decreased by 26.6% 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 | 56.5% | -11.7% |
% Black | 14.1% | 11.9% |
% Hispanic | 24.0% | 34.8% |
% Asian | 2.0% | -25.9% |
% Foreign Born | 6.9% | -26.6% |
Mortgage and Risk — Joliet, IL
According to HUD data as of 2023, there were 852 mortgage originations in Joliet, IL, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Joliet, IL. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 852 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Joliet, IL
As of 2024, the percent of homes in Joliet, IL under the Section 8 program is 7.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Joliet, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 75 |
Total Units Section 8 | 69 |
% Rentals under Section 8 | 7.5% |
% Occupied Section 8 | 80.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$330 | $1,900 | $1,570 |
| 2 Bedroom | -$470 | $2,300 | $1,830 |
| 3 Bedroom | -$450 | $2,850 | $2,400 |
| 4 Bedroom | -$210 | $2,940 | $2,730 |
Affordability — Joliet, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $342,000 |
| Median Household Income | $114,000 |