Morton, IL—61550
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Morton, IL
As of Oct '25, the median home price in Morton, IL is $273,000, with a year-over-year change of 6.7%. This indicates that home prices in Morton, 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 | $273,000 | 6.7% |
| Single Family | $276,000 | 6.6% |
| Condos | $211,000 | 7.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $183,000 | 10.2% |
3 Bed | $249,000 | 7.8% |
4 Bed | $353,000 | 4.4% |
| 5 Bed | $456,000 | 3.4% |
% of Housing Stock
Rental Trends — Morton, IL
As of July '25, Rentcast reports the average rent in Morton, IL is $1,580, with a year-over-year rent change of -22.9%. Per bedroom, the median rent as of July '25 in Morton, IL is 1-bedrooms: $675, 2-bedrooms: $1,340, 3-bedrooms: $2,500, 4-bedrooms: $2,300. The most common rental property sizes in Morton, IL are 2-bedroom and 1-bedroom, accounting for 44.9% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,580 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $675 | $675 |
| 2 Bed Rent | $1,400 | $1,340 |
| 3 Bed Rent | $2,500 | $2,500 |
| 4 Bed Rent | $2,300 | $2,300 |
% of Rental Stock
Property Listings — Morton, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Morton, IL is 26. This is a decrease of -6.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $276,000 | -3.0% |
Listing Count | 36 | -14.0% |
| Listings as % of Homes | 0.2% | -14.0% |
Days on Market | 26 | -6.0% |
Demographics — Morton, IL
As of the latest ACS Survey released in 2023, Morton, IL has a population of 18,700, which has increased by 5.1% over the past 5 years. Morton, IL is a moderately popular place for families, as children make up 24.5% of the population. The area has a moderately educated workforce, with 40.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,700 | 5.1% |
% Under 18 | 24.5% | 0.4% |
% Seniors | 22.9% | 9.0% |
% WFH | 10.2% | 292.3% |
% w/ College Degree | 40.3% | -9.2% |
As of the latest ACS Survey released in 2023, Morton, IL is a predominantly white area, with 92.0% of the population identifying as white. The white population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Morton, IL is asian, making up 2.8% of the population. Foreign-born residents account for 2.4% of the population in Morton, IL, and this percentage has decreased by 14.3% 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 | 92.0% | -2.1% |
% Black | 0.4% | -69.2% |
% Hispanic | 2.1% | -30.0% |
% Asian | 2.8% | 115.4% |
% Foreign Born | 2.4% | -14.3% |
Mortgage and Risk — Morton, IL
According to HUD data as of 2023, there were 295 mortgage originations in Morton, IL, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Morton, IL. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 295 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Morton, IL
As of 2024, the percent of homes in Morton, IL under the Section 8 program is 8.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Morton, IL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 132 |
Total Units Section 8 | 132 |
% Rentals under Section 8 | 8.4% |
% Occupied Section 8 | 95.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $205 | $675 | $880 |
| 2 Bedroom | -$280 | $1,400 | $1,120 |
| 3 Bedroom | -$1,050 | $2,500 | $1,450 |
| 4 Bedroom | -$780 | $2,300 | $1,520 |
Affordability — Morton, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $273,000 |
| Median Household Income | $92,300 |