Peoria, IL—61604
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 $106,000, with a year-over-year change of 7.3%. This indicates that home prices in Peoria, IL are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $106,000 | 7.3% |
| Single Family | $107,000 | 8.1% |
| Condos | $87,000 | 4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $53,000 | 3.9% |
2 Bed | $85,000 | 9.0% |
3 Bed | $122,000 | 8.9% |
4 Bed | $142,000 | 7.6% |
| 5 Bed | $139,000 | 9.4% |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $1,190, with a year-over-year rent change of 16.7%. Per bedroom, the median rent as of July '25 in Peoria, IL is 1-bedrooms: $750, 2-bedrooms: $1,160, 3-bedrooms: $1,280, 4-bedrooms: $1,500. The most common rental property sizes in Peoria, IL are 2-bedroom and 1-bedroom, accounting for 44.4% and 26.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,150 | $1,190 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $799 | $750 |
| 2 Bed Rent | $899 | $1,160 |
| 3 Bed Rent | $1,250 | $1,280 |
| 4 Bed Rent | $1,500 | $1,500 |
% 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 34. This is a increase of 6.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $115,000 | 14.0% |
Listing Count | 99 | -15.0% |
| Listings as % of Homes | 0.6% | -15.0% |
Days on Market | 34 | 6.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 27,500, which has decreased by -10.1% over the past 5 years. Peoria, IL is a moderately popular place for families, as children make up 21.5% of the population. The area has a poorly educated workforce, with 22.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,500 | -10.1% |
% Under 18 | 21.5% | -1.8% |
% Seniors | 20.2% | 19.5% |
% WFH | 8.2% | 256.5% |
% w/ College Degree | 22.2% | 8.8% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly white area, with 55.1% of the population identifying as white. The white population has shrunk by 14.3% in the last 5 years. The second most common race or ethnicity in Peoria, IL is black, making up 28.7% of the population. Foreign-born residents account for 6.0% of the population in Peoria, IL, and this percentage has increased by 100.0% 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 | 55.1% | -14.3% |
% Black | 28.7% | 9.1% |
% Hispanic | 6.6% | 50.0% |
% Asian | 1.7% | -10.5% |
% Foreign Born | 6.0% | 100.0% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 452 mortgage originations in Peoria, IL, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, IL. Investor activity is low, as 4.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 452 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Peoria, IL
As of 2024, the percent of homes in Peoria, IL under the Section 8 program is 42.1%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Peoria, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,678 |
Total Units Section 8 | 1,599 |
% Rentals under Section 8 | 42.1% |
% Occupied Section 8 | 87.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1 | $799 | $800 |
| 2 Bedroom | $121 | $899 | $1,020 |
| 3 Bedroom | $70 | $1,250 | $1,320 |
| 4 Bedroom | -$110 | $1,500 | $1,390 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $106,000 |
| Median Household Income | $50,600 |