Peoria, IL—61605
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 $36,000, with a year-over-year change of 1.7%. This indicates that home prices in Peoria, IL are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $36,000 | 1.7% |
| Single Family | $36,000 | 2.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $27,000 | 0.0% |
2 Bed | $33,000 | 3.1% |
3 Bed | $39,000 | 2.6% |
4 Bed | $40,000 | 0.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $955, with a year-over-year rent change of -0.2%. Per bedroom, the median rent as of July '25 in Peoria, IL is 1-bedrooms: $1,120, 2-bedrooms: $837, 3-bedrooms: $1,170, 4-bedrooms: $883. The most common rental property sizes in Peoria, IL are 2-bedroom and 3-bedroom, accounting for 41.1% and 30.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $910 | $955 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,120 | $1,120 |
| 2 Bed Rent | $850 | $837 |
| 3 Bed Rent | $1,200 | $1,170 |
| 4 Bed Rent | $899 | $883 |
% 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 35. This is a increase of 32.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $49,600 | 24.0% |
Listing Count | 42 | 8.0% |
| Listings as % of Homes | 0.3% | 8.0% |
Days on Market | 35 | 32.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 13,500, which has decreased by -13.8% over the past 5 years. Peoria, IL is a popular place for families, as children make up 29.9% of the population. The area has a poorly educated workforce, with 5.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,500 | -13.8% |
% Under 18 | 29.9% | 1.4% |
% Seniors | 14.8% | 12.1% |
% WFH | 3.9% | 143.8% |
% w/ College Degree | 5.1% | 10.9% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly black area, with 55.7% of the population identifying as black. The black population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Peoria, IL is white, making up 26.7% of the population. Foreign-born residents account for 4.4% of the population in Peoria, IL, and this percentage has increased by 18.9% 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 | 26.7% | -13.9% |
% Black | 55.7% | -1.1% |
% Hispanic | 11.5% | 26.4% |
% Asian | 0.6% | ∞% |
% Foreign Born | 4.4% | 18.9% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 40 mortgage originations in Peoria, IL, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, IL. Investor activity is low, as 5.0% 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 | 40 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% 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 38.0%. 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. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Peoria, IL, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,765 |
Total Units Section 8 | 1,324 |
% Rentals under Section 8 | 38.0% |
% Occupied Section 8 | 82.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$390 | $1,120 | $730 |
| 2 Bedroom | $80 | $850 | $930 |
| 3 Bedroom | $10 | $1,200 | $1,210 |
| 4 Bedroom | $371 | $899 | $1,270 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.3 |
| Median Home Price | $36,000 |
| Median Household Income | $24,500 |