Savoy, IL—61874
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Savoy, IL
As of Oct '25, the median home price in Savoy, IL is $348,000, with a year-over-year change of 5.2%. This indicates that home prices in Savoy, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $348,000 | 5.2% |
| Single Family | $373,000 | 3.6% |
| Condos | $212,000 | 8.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $190,000 | 7.3% |
3 Bed | $289,000 | 5.1% |
4 Bed | $396,000 | 3.4% |
| 5 Bed | $474,000 | 1.3% |
% of Housing Stock
Rental Trends — Savoy, IL
As of July '25, Rentcast reports the average rent in Savoy, IL is $1,510, with a year-over-year rent change of -15.2%. Per bedroom, the median rent as of July '25 in Savoy, IL is 1-bedrooms: $1,050, 2-bedrooms: $1,360, 3-bedrooms: $2,320, 4-bedrooms: $2,840. The most common rental property sizes in Savoy, IL are 2-bedroom and 1-bedroom, accounting for 47.3% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,510 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,050 |
| 2 Bed Rent | $1,350 | $1,360 |
| 3 Bed Rent | $2,150 | $2,320 |
| 4 Bed Rent | $2,750 | $2,840 |
% of Rental Stock
Property Listings — Savoy, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Savoy, IL is 70. This is a decrease of -5.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $477,000 | 1.0% |
Listing Count | 21 | -13.0% |
| Listings as % of Homes | 0.4% | -13.0% |
Days on Market | 70 | -5.0% |
Demographics — Savoy, IL
As of the latest ACS Survey released in 2023, Savoy, IL has a population of 8,600, which has increased by 5.5% over the past 5 years. Savoy, IL is a popular place for families, as children make up 26.2% of the population. The area has a highly educated workforce, with 58.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,600 | 5.5% |
% Under 18 | 26.2% | 36.5% |
% Seniors | 18.5% | 7.6% |
% WFH | 16.6% | 1,006.7% |
% w/ College Degree | 58.0% | -4.9% |
As of the latest ACS Survey released in 2023, Savoy, IL is a predominantly white area, with 65.1% of the population identifying as white. The white population has shrunk by 7.9% in the last 5 years. The second most common race or ethnicity in Savoy, IL is asian, making up 15.2% of the population. Foreign-born residents account for 22.6% of the population in Savoy, IL, and this percentage has increased by 48.7% 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 | 65.1% | -7.9% |
% Black | 9.1% | 85.7% |
% Hispanic | 8.2% | 70.8% |
% Asian | 15.2% | -10.6% |
% Foreign Born | 22.6% | 48.7% |
Mortgage and Risk — Savoy, IL
According to HUD data as of 2023, there were 96 mortgage originations in Savoy, IL, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Savoy, IL. Investor activity is low, as 3.0% 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 | 96 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Savoy, IL
As of 2024, the percent of homes in Savoy, IL under the Section 8 program is 2.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Savoy, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 43 |
Total Units Section 8 | 43 |
% Rentals under Section 8 | 2.7% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$350 | $1,200 | $850 |
| 2 Bedroom | -$340 | $1,350 | $1,010 |
| 3 Bedroom | -$840 | $2,150 | $1,310 |
| 4 Bedroom | -$1,410 | $2,750 | $1,340 |
Affordability — Savoy, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $348,000 |
| Median Household Income | $88,400 |