Mattoon, IL—61938
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Mattoon, IL
As of Oct '25, the median home price in Mattoon, IL is $118,000, with a year-over-year change of 7.0%. This indicates that home prices in Mattoon, IL are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $118,000 | 7.0% |
| Single Family | $118,000 | 6.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $90,000 | 5.9% |
3 Bed | $144,000 | 7.5% |
4 Bed | $208,000 | 7.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Mattoon, IL
As of July '25, Rentcast reports the average rent in Mattoon, IL is $858, with a year-over-year rent change of 13.9%. Per bedroom, the median rent as of July '25 in Mattoon, IL is 1-bedrooms: $734, 2-bedrooms: $897, 3-bedrooms: $870. The most common rental property sizes in Mattoon, IL are 2-bedroom and 1-bedroom, accounting for 35.5% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $870 | $858 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $720 | $734 |
| 2 Bed Rent | $885 | $897 |
| 3 Bed Rent | $870 | $870 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Mattoon, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Mattoon, IL is 35. This is a decrease of -2.0% 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 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $143,000 | 23.0% |
Listing Count | 45 | -9.0% |
| Listings as % of Homes | 0.6% | -9.0% |
Days on Market | 35 | -2.0% |
Demographics — Mattoon, IL
As of the latest ACS Survey released in 2023, Mattoon, IL has a population of 20,400, which has decreased by -6.4% over the past 5 years. Mattoon, IL is a moderately popular place for families, as children make up 21.1% of the population. The area has a poorly educated workforce, with 23.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,400 | -6.4% |
% Under 18 | 21.1% | -1.4% |
% Seniors | 20.4% | 5.2% |
% WFH | 3.8% | 22.6% |
% w/ College Degree | 23.1% | 17.9% |
As of the latest ACS Survey released in 2023, Mattoon, IL is a predominantly white area, with 91.1% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Mattoon, IL is hispanic, making up 3.3% of the population. Foreign-born residents account for 1.5% of the population in Mattoon, IL, and this percentage has increased by 25.0% 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 | 91.1% | -4.3% |
% Black | 1.8% | 5.9% |
% Hispanic | 3.3% | 83.3% |
% Asian | 1.4% | 600.0% |
% Foreign Born | 1.5% | 25.0% |
Mortgage and Risk — Mattoon, IL
According to HUD data as of 2023, there were 261 mortgage originations in Mattoon, IL, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Mattoon, IL. Investor activity is low, as 5.0% 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 | 261 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Mattoon, IL
Mattoon, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 686 |
Total Units Section 8 | 510 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 86.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $720 | $670 |
| 2 Bedroom | -$15 | $885 | $870 |
| 3 Bedroom | $290 | $870 | $1,160 |
| 4 Bedroom | N/A | N/A | $1,230 |
Affordability — Mattoon, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.8 |
| Median Home Price | $118,000 |
| Median Household Income | $54,300 |