Milan, IL 61264 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Milan, IL—61264

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$182,000

4.7% YoY Growth

Household Income

$78,300

37.7% YoY Growth

Days on Market

1.0% Shorter YoY

Home Price Forecast

1.0%

Median Rent

$940

11.5% YoY Growth

1-Bed Rent

$690

22.8% YoY Growth

2-Bed Rent

$940

0.7% YoY Growth

3-Bed Rent

$1,400

4.5% YoY Growth

Home Price Trends — Milan, IL

As of Dec '25, the median home price in Milan, IL is $182,000, with a year-over-year change of 4.7%. This indicates that home prices in Milan, 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	$182,000	4.7%
Single Family	$183,000	5.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Milan, IL

As of July '25, Rentcast reports the average rent in Milan, IL is $947, with a year-over-year rent change of -11.5%. Per bedroom, the median rent as of July '25 in Milan, IL is 1-bedrooms: $690, 2-bedrooms: $920, 3-bedrooms: $1,400. The most common rental property sizes in Milan, IL are 2-bedroom and 1-bedroom, accounting for 48.2% and 32.1% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$940	$947
Studio Rent	N/A	N/A
1 Bed Rent	$690	$690
2 Bed Rent	$940	$920
3 Bed Rent	$1,400	$1,400
4 Bed Rent	N/A	N/A

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% of Rental Stock

Studio

2.7%

1 Bedroom

32.1%

2 Bedrooms

48.2%

3 Bedrooms

15.6%

4 Bedrooms

1.3%

5+ Bedrooms

0.2%

Property Listings — Milan, IL

As of Dec '25, Realtor.com reports that the median days on market for a home in Milan, IL is 32. This is a increase of 15.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$162,000	-4.0%
Listing Count	21	-10.0%
Listings as % of Homes	0.3%	-10.0%
Days on Market	50	-1.0%

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Demographics — Milan, IL

As of the latest ACS Survey released in 2023, Milan, IL has a population of 10,100, which has decreased by -5.3% over the past 5 years. Milan, IL is a moderately popular place for families, as children make up 21.8% of the population. The area has a poorly educated workforce, with 22.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.3% reporting working from home.

Metric	Latest Census	YoY % Change
Population	10,100	-5.3%
% Under 18	21.8%	9.5%
% Seniors	23.2%	16.6%
% WFH	4.3%	79.2%
% w/ College Degree	22.6%	15.9%

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As of the latest ACS Survey released in 2023, Milan, IL is a predominantly white area, with 88.7% of the population identifying as white. The white population has shrunk by 0.3% in the last 5 years. The second most common race or ethnicity in Milan, IL is hispanic, making up 5.3% of the population. Foreign-born residents account for 2.3% of the population in Milan, IL, and this percentage has increased by 15.0% 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	88.7%	-0.3%
% Black	1.4%	-58.8%
% Hispanic	5.3%	-1.9%
% Asian	1.2%	140.0%
% Foreign Born	2.3%	15.0%

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Mortgage and Risk — Milan, IL

According to HUD data as of 2023, there were 235 mortgage originations in Milan, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Milan, IL. Investor activity is low, as 7.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	235
% Conventional Loans	79.0%
% Government Loans	21.0%
% Investor Loans	7.0%
% Second Loans	0.0%
% Cash Out Refinance	11.0%

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Rentals and Section 8 — Milan, IL

Milan, IL lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	277
Total Units Section 8	180
% Rentals under Section 8	19.1%
% Occupied Section 8	96.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$230	$690	$920
2 Bedroom	$190	$940	$1,130
3 Bedroom	$70	$1,400	$1,470
4 Bedroom	N/A	N/A	$1,740

Milan, IL—61264

Key Metrics at a Glance

Home Price Trends — Milan, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Milan, IL

% of Rental Stock

Property Listings — Milan, IL

Demographics — Milan, IL

Race and Ethnicity

Mortgage and Risk — Milan, IL

Mortgages

Rentals and Section 8 — Milan, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Milan, IL

Home Price to Income Ratio

Milan, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Rock Island, IL

Davenport, IA

Sherrard, IL

Davenport, IA

Matherville

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2
Median Home Price	$182,000
Median Household Income	$78,300

Milan, IL—61264

Key Metrics at a Glance

Home Price Trends — Milan, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Milan, IL

% of Rental Stock

Property Listings — Milan, IL

Demographics — Milan, IL

Race and Ethnicity

Mortgage and Risk — Milan, IL

Mortgages

Rentals and Section 8 — Milan, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Milan, IL

Home Price to Income Ratio

Milan, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Rock Island, IL

Davenport, IA

Sherrard, IL

Davenport, IA

Matherville

Frequently Asked Questions

What is the average home price in Milan, IL 61264?

How have home prices in Milan, IL 61264 changed over the past year?

What is the home price projection for Milan, IL 61264?

What are the demographics of Milan, IL 61264?

How long does it take homes to sell in Milan, IL 61264?

What is the average rent price in Milan, IL 61264?