Downers Grove, IL—60516
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Downers Grove, IL
Home Price Trends — Downers Grove, IL
As of Oct '25, the median home price in Downers Grove, IL is $472,000, with a year-over-year change of 5.8%. This indicates that home prices in Downers Grove, 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 | $472,000 | 5.8% |
| Single Family | $497,000 | 5.5% |
| Condos | $230,000 | 3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $211,000 | 3.4% |
2 Bed | $243,000 | 3.0% |
3 Bed | $448,000 | 5.9% |
4 Bed | $595,000 | 4.4% |
| 5 Bed | $756,000 | 5.0% |
% of Housing Stock
Rental Trends — Downers Grove, IL
As of July '25, Rentcast reports the average rent in Downers Grove, IL is $1,880, with a year-over-year rent change of 0.5%. Per bedroom, the median rent as of July '25 in Downers Grove, IL is 1-bedrooms: $1,630, 2-bedrooms: $1,900, 3-bedrooms: $2,810, 4-bedrooms: $3,800. The most common rental property sizes in Downers Grove, IL are 1-bedroom and 2-bedroom, accounting for 40.7% and 34.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,810 | $1,880 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,630 |
| 2 Bed Rent | $1,850 | $1,900 |
| 3 Bed Rent | $2,650 | $2,810 |
| 4 Bed Rent | $3,800 | $3,800 |
% of Rental Stock
Property Listings — Downers Grove, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Downers Grove, IL is 43. This is a increase of 20.0% 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 | $479,000 | 2.0% |
Listing Count | 73 | 12.0% |
| Listings as % of Homes | 0.6% | 12.0% |
Days on Market | 43 | 20.0% |
Demographics — Downers Grove, IL
As of the latest ACS Survey released in 2023, Downers Grove, IL has a population of 28,600, which has decreased by -2.3% over the past 5 years. Downers Grove, IL is a moderately popular place for families, as children make up 21.8% of the population. The area has a highly educated workforce, with 53.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,600 | -2.3% |
% Under 18 | 21.8% | 6.3% |
% Seniors | 19.5% | 2.1% |
% WFH | 19.6% | 221.3% |
% w/ College Degree | 53.9% | 2.5% |
As of the latest ACS Survey released in 2023, Downers Grove, IL is a predominantly white area, with 80.7% of the population identifying as white. The white population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Downers Grove, IL is hispanic, making up 8.9% of the population. Foreign-born residents account for 12.1% of the population in Downers Grove, IL, and this percentage has decreased by 13.6% 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 | 80.7% | -1.6% |
% Black | 2.9% | -31.0% |
% Hispanic | 8.9% | 41.3% |
% Asian | 5.0% | -18.0% |
% Foreign Born | 12.1% | -13.6% |
Mortgage and Risk — Downers Grove, IL
According to HUD data as of 2023, there were 521 mortgage originations in Downers Grove, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Downers Grove, IL. Investor activity is low, as 2.0% 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 | 521 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Downers Grove, IL
As of 2024, the percent of homes in Downers Grove, IL under the Section 8 program is 1.4%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Downers Grove, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 42 |
Total Units Section 8 | 42 |
% Rentals under Section 8 | 1.4% |
% Occupied Section 8 | 90.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $330 | $1,500 | $1,830 |
| 2 Bedroom | $220 | $1,850 | $2,070 |
| 3 Bedroom | $10 | $2,650 | $2,660 |
| 4 Bedroom | -$680 | $3,800 | $3,120 |
Affordability — Downers Grove, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $472,000 |
| Median Household Income | $119,000 |