Granite City, IL—62040
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Granite City, IL
As of Oct '25, the median home price in Granite City, IL is $117,000, with a year-over-year change of -1.1%. This indicates that home prices in Granite City, IL are decreasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $117,000 | -1.2% |
| Single Family | $117,000 | -0.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $65,000 | -5.8% |
2 Bed | $86,000 | -2.3% |
3 Bed | $134,000 | 0.8% |
4 Bed | $161,000 | 2.5% |
| 5 Bed | $145,000 | -0.7% |
% of Housing Stock
Rental Trends — Granite City, IL
As of July '25, Rentcast reports the average rent in Granite City, IL is $1,010, with a year-over-year rent change of 3.0%. Per bedroom, the median rent as of July '25 in Granite City, IL is studios: $625, 1-bedrooms: $776, 2-bedrooms: $1,050, 3-bedrooms: $1,350. The most common rental property sizes in Granite City, IL are 2-bedroom and 3-bedroom, accounting for 35.6% and 27.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $1,010 |
| Studio Rent | $625 | $625 |
| 1 Bed Rent | $795 | $776 |
| 2 Bed Rent | $1,000 | $1,050 |
| 3 Bed Rent | $1,200 | $1,350 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Granite City, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Granite City, IL is 46. This is a increase of 24.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $134,000 | 10.0% |
Listing Count | 153 | 9.0% |
| Listings as % of Homes | 0.6% | 9.0% |
Days on Market | 46 | 24.0% |
Demographics — Granite City, IL
As of the latest ACS Survey released in 2023, Granite City, IL has a population of 40,400, which has decreased by -4.9% over the past 5 years. Granite City, IL is a moderately popular place for families, as children make up 22.9% of the population. The area has a poorly educated workforce, with 16.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,400 | -4.9% |
% Under 18 | 22.9% | 8.0% |
% Seniors | 17.8% | 8.5% |
% WFH | 7.3% | 231.8% |
% w/ College Degree | 16.1% | 20.1% |
As of the latest ACS Survey released in 2023, Granite City, IL is a predominantly white area, with 76.3% of the population identifying as white. The white population has shrunk by 10.0% in the last 5 years. The second most common race or ethnicity in Granite City, IL is black, making up 9.0% of the population. Foreign-born residents account for 3.3% of the population in Granite City, IL, and this percentage has increased by 26.9% 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 | 76.3% | -10.0% |
% Black | 9.0% | 40.6% |
% Hispanic | 9.0% | 36.4% |
% Asian | 1.4% | 366.7% |
% Foreign Born | 3.3% | 26.9% |
Mortgage and Risk — Granite City, IL
According to HUD data as of 2023, there were 666 mortgage originations in Granite City, IL, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Granite City, IL. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 666 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Granite City, IL
Granite City, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 759 |
Total Units Section 8 | 404 |
% Rentals under Section 8 | 9.7% |
% Occupied Section 8 | 84.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $85 | $795 | $880 |
| 2 Bedroom | $90 | $1,000 | $1,090 |
| 3 Bedroom | $210 | $1,200 | $1,410 |
| 4 Bedroom | N/A | N/A | $1,640 |
Affordability — Granite City, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $117,000 |
| Median Household Income | $60,600 |