Oakland, IL—61943
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Oakland, IL
As of Oct '25, the median home price in Oakland, IL is $131,000, with a year-over-year change of 11.7%. This indicates that home prices in Oakland, IL are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $131,000 | 11.7% |
| Single Family | $131,000 | 12.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Oakland, IL
Oakland, IL lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $625 | $625 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $625 | $625 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Oakland, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Oakland, IL is 51. This is a decrease of -43.0% 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 67.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $163,000 | 10.0% |
Listing Count | 3 | -15.0% |
| Listings as % of Homes | 0.8% | -15.0% |
Days on Market | 51 | -43.0% |
Demographics — Oakland, IL
As of the latest ACS Survey released in 2023, Oakland, IL has a population of 1,500, which has decreased by -9.9% over the past 5 years. Oakland, IL is a moderately popular place for families, as children make up 18.1% of the population. The area has a poorly educated workforce, with 15.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,500 | -9.9% |
% Under 18 | 18.1% | -12.1% |
% Seniors | 26.8% | 20.7% |
% WFH | 8.7% | 7.4% |
% w/ College Degree | 15.8% | -19.4% |
As of the latest ACS Survey released in 2023, Oakland, IL is a predominantly white area, with 95.5% of the population identifying as white. The white population has shrunk by 0.4% in the last 5 years. The second most common race or ethnicity in Oakland, IL is hispanic, making up 1.5% of the population. Foreign-born residents account for 0.8% of the population in Oakland, IL, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 95.5% | -0.4% |
% Black | 0.2% | ∞% |
% Hispanic | 1.5% | -58.3% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.8% | 0.0% |
Mortgage and Risk — Oakland, IL
According to HUD data as of 2023, there were 33 mortgage originations in Oakland, IL, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Oakland, IL. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 33 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Oakland, IL
Oakland, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $680 |
| 2 Bedroom | $245 | $625 | $870 |
| 3 Bedroom | N/A | N/A | $1,160 |
| 4 Bedroom | N/A | N/A | $1,240 |
Affordability — Oakland, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.9 |
| Median Home Price | $131,000 |
| Median Household Income | $57,500 |