Elmwood, IL—61529
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elmwood, IL
As of Oct '25, the median home price in Elmwood, IL is $176,000, with a year-over-year change of 7.2%. This indicates that home prices in Elmwood, IL are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $176,000 | 7.2% |
| Single Family | $176,000 | 8.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $132,000 | 9.1% |
3 Bed | $175,000 | 9.4% |
4 Bed | $235,000 | 6.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Elmwood, IL
As of July '25, Rentcast reports the average rent in Elmwood, IL is $815, with a year-over-year rent change of -6.5%. Per bedroom, the median rent as of July '25 in Elmwood, IL is 1-bedrooms: $895, 2-bedrooms: $775. The most common rental property sizes in Elmwood, IL are 2-bedroom and 1-bedroom, accounting for 38.0% and 31.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $800 | $815 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $895 | $895 |
| 2 Bed Rent | $750 | $775 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Elmwood, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Elmwood, IL is 72. This is a decrease of -23.0% from last year, suggesting that homes are sitting on the market shorter 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 | $178,000 | 65.0% |
Listing Count | 6 | -25.0% |
| Listings as % of Homes | 0.4% | -25.0% |
Days on Market | 72 | -23.0% |
Demographics — Elmwood, IL
As of the latest ACS Survey released in 2023, Elmwood, IL has a population of 2,780, which has increased by 3.1% over the past 5 years. Elmwood, IL is a popular place for families, as children make up 30.0% of the population. The area has a moderately educated workforce, with 36.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,780 | 3.1% |
% Under 18 | 30.0% | 23.0% |
% Seniors | 17.4% | 13.0% |
% WFH | 12.3% | 412.5% |
% w/ College Degree | 36.1% | 17.6% |
As of the latest ACS Survey released in 2023, Elmwood, IL is a predominantly white area, with 93.9% of the population identifying as white. The white population has shrunk by 2.8% in the last 5 years. The second most common race or ethnicity in Elmwood, IL is hispanic, making up 4.1% of the population. Foreign-born residents account for 0.5% of the population in Elmwood, IL, and this percentage has decreased by 66.7% 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 | 93.9% | -2.8% |
% Black | 0.0% | N/A |
% Hispanic | 4.1% | 272.7% |
% Asian | 0.1% | -94.1% |
% Foreign Born | 0.5% | -66.7% |
Mortgage and Risk — Elmwood, IL
According to HUD data as of 2023, there were 83 mortgage originations in Elmwood, IL, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Elmwood, IL. Investor activity is low, as 4.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 83 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Elmwood, IL
Elmwood, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$205 | $895 | $690 |
| 2 Bedroom | $120 | $750 | $870 |
| 3 Bedroom | N/A | N/A | $1,140 |
| 4 Bedroom | N/A | N/A | $1,180 |
Affordability — Elmwood, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $176,000 |
| Median Household Income | $89,500 |