Peoria, IL—61615
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 $244,000, with a year-over-year change of 8.6%. This indicates that home prices in Peoria, IL are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $244,000 | 8.6% |
| Single Family | $254,000 | 9.0% |
| Condos | $191,000 | 8.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $156,000 | 9.9% |
3 Bed | $205,000 | 10.8% |
4 Bed | $326,000 | 7.2% |
| 5 Bed | $455,000 | 5.6% |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $1,090, with a year-over-year rent change of -10.7%. Per bedroom, the median rent as of July '25 in Peoria, IL is studios: $774, 1-bedrooms: $917, 2-bedrooms: $1,290, 3-bedrooms: $1,120. The most common rental property sizes in Peoria, IL are 2-bedroom and 1-bedroom, accounting for 43.0% and 42.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,090 | $1,090 |
| Studio Rent | $725 | $774 |
| 1 Bed Rent | $829 | $917 |
| 2 Bed Rent | $1,340 | $1,290 |
| 3 Bed Rent | $1,090 | $1,120 |
| 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 37. This is a increase of 5.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $277,000 | 17.0% |
Listing Count | 87 | -10.0% |
| Listings as % of Homes | 0.5% | -10.0% |
Days on Market | 37 | 5.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 23,300, which has remained stable by 0.4% over the past 5 years. Peoria, IL is a moderately popular place for families, as children make up 20.3% of the population. The area has a highly educated workforce, with 53.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 23,300 | 0.4% |
% Under 18 | 20.3% | -19.4% |
% Seniors | 17.0% | 4.3% |
% WFH | 12.4% | 254.3% |
% w/ College Degree | 53.0% | 6.6% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly white area, with 71.6% of the population identifying as white. The white population has grown by 11.4% in the last 5 years. The second most common race or ethnicity in Peoria, IL is asian, making up 10.1% of the population. Foreign-born residents account for 12.6% of the population in Peoria, IL, and this percentage has increased by 10.5% 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 | 71.6% | 11.4% |
% Black | 8.0% | -48.7% |
% Hispanic | 6.7% | 26.4% |
% Asian | 10.1% | 7.4% |
% Foreign Born | 12.6% | 10.5% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 376 mortgage originations in Peoria, IL, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, 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 | 376 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 4.0% |
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 | 602 |
Total Units Section 8 | 313 |
% Rentals under Section 8 | 7.4% |
% Occupied Section 8 | 87.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $81 | $829 | $910 |
| 2 Bedroom | -$190 | $1,340 | $1,150 |
| 3 Bedroom | $400 | $1,090 | $1,490 |
| 4 Bedroom | N/A | N/A | $1,560 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $244,000 |
| Median Household Income | $82,200 |