Peoria, IL—61603
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Peoria, IL
As of Oct '25, the median home price in Peoria, IL is $57,000, with a year-over-year change of 1.4%. This indicates that home prices in Peoria, IL are increasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $57,000 | 1.4% |
| Single Family | $57,000 | 1.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $42,000 | 0.0% |
2 Bed | $53,000 | 1.9% |
3 Bed | $62,000 | 0.0% |
4 Bed | $60,000 | 3.4% |
| 5 Bed | $64,000 | -4.5% |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $1,180, with a year-over-year rent change of 15.7%. Per bedroom, the median rent as of July '25 in Peoria, IL is 1-bedrooms: $920, 2-bedrooms: $1,120, 3-bedrooms: $1,260, 4-bedrooms: $1,350. The most common rental property sizes in Peoria, IL are 2-bedroom and 3-bedroom, accounting for 32.0% and 31.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,180 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $690 | $920 |
| 2 Bed Rent | $1,050 | $1,120 |
| 3 Bed Rent | $1,300 | $1,260 |
| 4 Bed Rent | $1,100 | $1,350 |
% of Rental Stock
Property Listings — Peoria, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Peoria, IL is 53. This is a increase of 43.0% 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 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $75,000 | 5.0% |
Listing Count | 60 | 4.0% |
| Listings as % of Homes | 0.6% | 4.0% |
Days on Market | 53 | 43.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 15,400, which has decreased by -7.4% over the past 5 years. Peoria, IL is a popular place for families, as children make up 27.5% of the population. The area has a poorly educated workforce, with 15.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,400 | -7.4% |
% Under 18 | 27.5% | -5.5% |
% Seniors | 13.5% | 45.2% |
% WFH | 5.1% | 292.3% |
% w/ College Degree | 15.4% | 2.0% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly black area, with 42.9% of the population identifying as black. The black population has grown by 4.9% in the last 5 years. The second most common race or ethnicity in Peoria, IL is white, making up 36.0% of the population. Foreign-born residents account for 6.9% of the population in Peoria, IL, and this percentage has increased by 40.8% 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 | 36.0% | -9.5% |
% Black | 42.9% | 4.9% |
% Hispanic | 10.2% | -2.9% |
% Asian | 1.1% | 175.0% |
% Foreign Born | 6.9% | 40.8% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 148 mortgage originations in Peoria, IL, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, IL. Investor activity is low, as 7.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 148 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 7.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Peoria, IL
As of 2024, the percent of homes in Peoria, IL under the Section 8 program is 21.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Peoria, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 719 |
Total Units Section 8 | 689 |
% Rentals under Section 8 | 21.0% |
% Occupied Section 8 | 79.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $160 | $690 | $850 |
| 2 Bedroom | $30 | $1,050 | $1,080 |
| 3 Bedroom | $100 | $1,300 | $1,400 |
| 4 Bedroom | $370 | $1,100 | $1,470 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.2 |
| Median Home Price | $57,000 |
| Median Household Income | $40,400 |