Cherry Valley, IL—61016
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cherry Valley, IL
As of Oct '25, the median home price in Cherry Valley, IL is $273,000, with a year-over-year change of 5.8%. This indicates that home prices in Cherry Valley, IL are increasing. According to Zillow, the 1-year price projection is 4.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $273,000 | 5.8% |
| Single Family | $280,000 | 5.7% |
| Condos | $202,000 | 5.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $192,000 | 6.7% |
3 Bed | $271,000 | 5.9% |
4 Bed | $337,000 | 5.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Cherry Valley, IL
As of July '25, Rentcast reports the average rent in Cherry Valley, IL is $1,160, with a year-over-year rent change of 4.5%. Per bedroom, the median rent as of July '25 in Cherry Valley, IL is 1-bedrooms: $1,200, 2-bedrooms: $1,120. The most common rental property sizes in Cherry Valley, IL are 2-bedroom and 3-bedroom, accounting for 47.4% and 38.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,120 | $1,160 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,200 |
| 2 Bed Rent | $1,120 | $1,120 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Cherry Valley, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Cherry Valley, IL is 65. This is a increase of 33.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $355,000 | 8.0% |
Listing Count | 13 | 28.0% |
| Listings as % of Homes | 0.6% | 28.0% |
Days on Market | 65 | 33.0% |
Demographics — Cherry Valley, IL
As of the latest ACS Survey released in 2023, Cherry Valley, IL has a population of 5,170, which has increased by 4.1% over the past 5 years. Cherry Valley, IL is a moderately popular place for families, as children make up 21.4% of the population. The area has a moderately educated workforce, with 29.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,170 | 4.1% |
% Under 18 | 21.4% | 18.2% |
% Seniors | 19.7% | -12.8% |
% WFH | 8.1% | 200.0% |
% w/ College Degree | 29.1% | 13.7% |
As of the latest ACS Survey released in 2023, Cherry Valley, IL is a predominantly white area, with 75.2% of the population identifying as white. The white population has shrunk by 11.8% in the last 5 years. The second most common race or ethnicity in Cherry Valley, IL is hispanic, making up 16.2% of the population. Foreign-born residents account for 8.3% of the population in Cherry Valley, IL, and this percentage has increased by 76.6% 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 | 75.2% | -11.8% |
% Black | 4.4% | 10.0% |
% Hispanic | 16.2% | 260.0% |
% Asian | 2.9% | 31.8% |
% Foreign Born | 8.3% | 76.6% |
Mortgage and Risk — Cherry Valley, IL
According to HUD data as of 2023, there were 83 mortgage originations in Cherry Valley, IL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Cherry Valley, IL. Investor activity is low, as 1.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 83 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Cherry Valley, IL
Cherry Valley, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 0.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$390 | $1,200 | $810 |
| 2 Bedroom | -$60 | $1,120 | $1,060 |
| 3 Bedroom | N/A | N/A | $1,400 |
| 4 Bedroom | N/A | N/A | $1,440 |
Affordability — Cherry Valley, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $273,000 |
| Median Household Income | $92,900 |