Peoria, IL—61614
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 $194,000, with a year-over-year change of 9.3%. 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 | $194,000 | 9.3% |
| Single Family | $200,000 | 9.3% |
| Condos | $119,000 | 9.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $75,000 | 7.1% |
2 Bed | $130,000 | 11.1% |
3 Bed | $195,000 | 10.2% |
4 Bed | $259,000 | 8.4% |
| 5 Bed | $314,000 | 7.2% |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $1,260, with a year-over-year rent change of 7.7%. Per bedroom, the median rent as of July '25 in Peoria, IL is studios: $2,000, 1-bedrooms: $979, 2-bedrooms: $1,120, 3-bedrooms: $1,700. The most common rental property sizes in Peoria, IL are 2-bedroom and 1-bedroom, accounting for 46.4% and 36.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,180 | $1,260 |
| Studio Rent | $2,000 | $2,000 |
| 1 Bed Rent | $925 | $979 |
| 2 Bed Rent | $1,050 | $1,120 |
| 3 Bed Rent | $1,500 | $1,700 |
| 4 Bed Rent | N/A | N/A |
% 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 25. 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $210,000 | 19.0% |
Listing Count | 98 | 14.0% |
| Listings as % of Homes | 0.5% | 14.0% |
Days on Market | 25 | -11.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 28,100, which has remained stable by 0.5% over the past 5 years. Peoria, IL is a moderately popular place for families, as children make up 23.2% of the population. The area has a highly educated workforce, with 46.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,100 | 0.5% |
% Under 18 | 23.2% | 16.0% |
% Seniors | 22.4% | -0.4% |
% WFH | 9.7% | 246.4% |
% w/ College Degree | 46.4% | 7.2% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly white area, with 69.6% of the population identifying as white. The white population has shrunk by 9.7% in the last 5 years. The second most common race or ethnicity in Peoria, IL is black, making up 16.8% of the population. Foreign-born residents account for 8.9% of the population in Peoria, IL, and this percentage has increased by 15.6% 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 | 69.6% | -9.7% |
% Black | 16.8% | 66.3% |
% Hispanic | 4.9% | 96.0% |
% Asian | 5.3% | -22.1% |
% Foreign Born | 8.9% | 15.6% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 613 mortgage originations in Peoria, IL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, IL. Investor activity is low, as 3.0% 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 | 613 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Peoria, IL
Peoria, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 290 |
Total Units Section 8 | 278 |
% Rentals under Section 8 | 6.1% |
% Occupied Section 8 | 86.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$95 | $925 | $830 |
| 2 Bedroom | $0 | $1,050 | $1,050 |
| 3 Bedroom | -$140 | $1,500 | $1,360 |
| 4 Bedroom | N/A | N/A | $1,430 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $194,000 |
| Median Household Income | $68,400 |