Erie, IL—61250
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Erie, IL
As of Oct '25, the median home price in Erie, IL is $167,000, with a year-over-year change of 9.6%. This indicates that home prices in Erie, IL are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $167,000 | 9.6% |
| Single Family | $166,000 | 9.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $142,000 | 10.9% |
3 Bed | $189,000 | 7.4% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Erie, IL
Erie, IL lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Erie, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Erie, IL is 61. This is a increase of 35.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $211,000 | 17.0% |
Listing Count | 6 | -44.0% |
| Listings as % of Homes | 0.1% | -44.0% |
Days on Market | 61 | 35.0% |
Demographics — Erie, IL
As of the latest ACS Survey released in 2023, Erie, IL has a population of 2,840, which has increased by 13.6% over the past 5 years. Erie, IL is a popular place for families, as children make up 29.1% of the population. The area has a poorly educated workforce, with 24.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 1.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,840 | 13.6% |
% Under 18 | 29.1% | 23.8% |
% Seniors | 20.2% | 14.1% |
% WFH | 1.6% | -30.4% |
% w/ College Degree | 24.8% | 12.7% |
As of the latest ACS Survey released in 2023, Erie, IL is a predominantly white area, with 95.6% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Erie, IL is hispanic, making up 0.6% of the population. Foreign-born residents account for 0.1% of the population in Erie, IL, and this percentage has decreased by 93.8% 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 | 95.6% | -1.1% |
% Black | 0.1% | ∞% |
% Hispanic | 0.6% | -64.7% |
% Asian | 0.1% | -90.0% |
% Foreign Born | 0.1% | -93.8% |
Mortgage and Risk — Erie, IL
According to HUD data as of 2023, there were 48 mortgage originations in Erie, IL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Erie, IL. Investor activity is low, as 2.0% of loans were by investors. 21.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 48 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 21.0% |
Loan Activity
Rentals and Section 8 — Erie, IL
Erie, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 6 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 1.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $700 |
| 2 Bedroom | N/A | N/A | $920 |
| 3 Bedroom | N/A | N/A | $1,150 |
| 4 Bedroom | N/A | N/A | $1,300 |
Affordability — Erie, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $167,000 |
| Median Household Income | $87,300 |