Morris, IL—60450
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Morris, IL
As of Oct '25, the median home price in Morris, IL is $304,000, with a year-over-year change of 4.3%. This indicates that home prices in Morris, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $304,000 | 4.3% |
| Single Family | $307,000 | 4.1% |
| Condos | $213,000 | 6.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $207,000 | 6.7% |
3 Bed | $290,000 | 4.7% |
4 Bed | $382,000 | 3.8% |
| 5 Bed | $458,000 | 3.6% |
% of Housing Stock
Rental Trends — Morris, IL
As of July '25, Rentcast reports the average rent in Morris, IL is $1,480, with a year-over-year rent change of -14.9%. Per bedroom, the median rent as of July '25 in Morris, IL is 1-bedrooms: $800, 2-bedrooms: $1,530, 3-bedrooms: $1,950. The most common rental property sizes in Morris, IL are 2-bedroom and 1-bedroom, accounting for 42.6% and 26.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,480 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $700 | $800 |
| 2 Bed Rent | $1,350 | $1,530 |
| 3 Bed Rent | $1,400 | $1,950 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Morris, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Morris, IL is 39. This is a decrease of -20.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $384,000 | 13.0% |
Listing Count | 59 | -3.0% |
| Listings as % of Homes | 0.4% | -3.0% |
Days on Market | 39 | -20.0% |
Demographics — Morris, IL
As of the latest ACS Survey released in 2023, Morris, IL has a population of 20,900, which has increased by 2.2% over the past 5 years. Morris, IL is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 25.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,900 | 2.2% |
% Under 18 | 21.6% | -0.5% |
% Seniors | 18.0% | 2.3% |
% WFH | 9.8% | 164.9% |
% w/ College Degree | 25.3% | 5.4% |
As of the latest ACS Survey released in 2023, Morris, IL is a predominantly white area, with 85.3% of the population identifying as white. The white population has shrunk by 2.7% in the last 5 years. The second most common race or ethnicity in Morris, IL is hispanic, making up 8.7% of the population. Foreign-born residents account for 3.6% of the population in Morris, IL, and this percentage has decreased by 14.3% 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 | 85.3% | -2.7% |
% Black | 1.8% | 38.5% |
% Hispanic | 8.7% | 4.8% |
% Asian | 0.8% | 33.3% |
% Foreign Born | 3.6% | -14.3% |
Mortgage and Risk — Morris, IL
According to HUD data as of 2023, there were 311 mortgage originations in Morris, IL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Morris, IL. Investor activity is low, as 3.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 311 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Morris, IL
Morris, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 331 |
Total Units Section 8 | 331 |
% Rentals under Section 8 | 10.1% |
% Occupied Section 8 | 90.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $500 | $700 | $1,200 |
| 2 Bedroom | $220 | $1,350 | $1,570 |
| 3 Bedroom | $810 | $1,400 | $2,210 |
| 4 Bedroom | N/A | N/A | $2,310 |
Affordability — Morris, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $304,000 |
| Median Household Income | $81,700 |