Washington, IL—61571
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Washington, IL
As of Oct '25, the median home price in Washington, IL is $220,000, with a year-over-year change of 8.5%. This indicates that home prices in Washington, 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 | $220,000 | 8.5% |
| Single Family | $222,000 | 8.3% |
| Condos | $196,000 | 9.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $142,000 | 11.8% |
3 Bed | $194,000 | 9.6% |
4 Bed | $334,000 | 5.0% |
| 5 Bed | $381,000 | 4.1% |
% of Housing Stock
Rental Trends — Washington, IL
As of July '25, Rentcast reports the average rent in Washington, IL is $1,450, with a year-over-year rent change of -2.0%. Per bedroom, the median rent as of July '25 in Washington, IL is 2-bedrooms: $1,040, 3-bedrooms: $1,770, 4-bedrooms: $2,900. The most common rental property sizes in Washington, IL are 2-bedroom and 1-bedroom, accounting for 36.6% and 27.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,150 | $1,450 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $900 | $1,040 |
| 3 Bed Rent | $1,450 | $1,770 |
| 4 Bed Rent | $2,900 | $2,900 |
% of Rental Stock
Property Listings — Washington, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Washington, IL is 33. This is a decrease of -11.0% 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 48.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $276,000 | -1.0% |
Listing Count | 62 | -13.0% |
| Listings as % of Homes | 0.5% | -13.0% |
Days on Market | 33 | -11.0% |
Demographics — Washington, IL
As of the latest ACS Survey released in 2023, Washington, IL has a population of 24,500, which has decreased by -1.7% over the past 5 years. Washington, IL is a popular place for families, as children make up 26.3% of the population. The area has a moderately educated workforce, with 38.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | -1.7% |
% Under 18 | 26.3% | -1.5% |
% Seniors | 18.2% | 14.5% |
% WFH | 13.5% | 350.0% |
% w/ College Degree | 38.2% | 6.7% |
As of the latest ACS Survey released in 2023, Washington, IL is a predominantly white area, with 93.5% of the population identifying as white. The white population has grown by 0.3% in the last 5 years. The second most common race or ethnicity in Washington, IL is hispanic, making up 2.8% of the population. Foreign-born residents account for 1.6% of the population in Washington, IL, and this percentage has decreased by 33.3% 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 | 93.5% | 0.3% |
% Black | 0.3% | -75.0% |
% Hispanic | 2.8% | 40.0% |
% Asian | 1.2% | -40.0% |
% Foreign Born | 1.6% | -33.3% |
Mortgage and Risk — Washington, IL
According to HUD data as of 2023, there were 457 mortgage originations in Washington, IL, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Washington, IL. Investor activity is low, as 2.0% 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 | 457 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Washington, IL
Washington, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 401 |
Total Units Section 8 | 401 |
% Rentals under Section 8 | 21.5% |
% Occupied Section 8 | 93.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $830 |
| 2 Bedroom | $150 | $900 | $1,050 |
| 3 Bedroom | -$90 | $1,450 | $1,360 |
| 4 Bedroom | -$1,470 | $2,900 | $1,430 |
Affordability — Washington, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.1 |
| Median Home Price | $220,000 |
| Median Household Income | $87,900 |