Colona, IL—61241
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Colona, IL
As of Oct '25, the median home price in Colona, IL is $173,000, with a year-over-year change of 7.5%. This indicates that home prices in Colona, IL are increasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $173,000 | 7.5% |
| Single Family | $173,000 | 8.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $114,000 | 8.6% |
3 Bed | $186,000 | 8.8% |
4 Bed | $232,000 | 5.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Colona, IL
As of July '25, Rentcast reports the average rent in Colona, IL is $1,100, with a year-over-year rent change of 35.0%. Per bedroom, the median rent as of July '25 in Colona, IL is 3-bedrooms: $1,100. The most common rental property sizes in Colona, IL are 2-bedroom and 3-bedroom, accounting for 51.6% and 18.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,100 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,100 | $1,100 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Colona, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Colona, IL is 64. This is a increase of 34.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $251,000 | 6.0% |
Listing Count | 19 | 56.0% |
| Listings as % of Homes | 0.4% | 56.0% |
Days on Market | 64 | 34.0% |
Demographics — Colona, IL
As of the latest ACS Survey released in 2023, Colona, IL has a population of 6,640, which has decreased by -2.8% over the past 5 years. Colona, IL is a moderately popular place for families, as children make up 20.8% of the population. The area has a poorly educated workforce, with 18.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,640 | -2.8% |
% Under 18 | 20.8% | -5.0% |
% Seniors | 17.1% | 9.6% |
% WFH | 7.2% | 414.3% |
% w/ College Degree | 18.4% | -7.5% |
As of the latest ACS Survey released in 2023, Colona, IL is a predominantly white area, with 88.1% of the population identifying as white. The white population has grown by 2.8% in the last 5 years. The second most common race or ethnicity in Colona, IL is hispanic, making up 7.9% of the population. Foreign-born residents account for 1.2% of the population in Colona, IL, and this percentage has decreased by 58.6% 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 | 88.1% | 2.8% |
% Black | 0.6% | 200.0% |
% Hispanic | 7.9% | -34.7% |
% Asian | 0.3% | ∞% |
% Foreign Born | 1.2% | -58.6% |
Mortgage and Risk — Colona, IL
According to HUD data as of 2023, there were 116 mortgage originations in Colona, IL, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Colona, IL. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 116 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Colona, IL
Colona, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 12 |
Total Units Section 8 | 11 |
% Rentals under Section 8 | 2.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $790 |
| 2 Bedroom | N/A | N/A | $980 |
| 3 Bedroom | $180 | $1,100 | $1,280 |
| 4 Bedroom | N/A | N/A | $1,510 |
Affordability — Colona, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.9 |
| Median Home Price | $173,000 |
| Median Household Income | $78,600 |