Madison, IL—62060
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Madison, IL
As of Oct '25, the median home price in Madison, IL is $52,000, with a year-over-year change of 2.5%. This indicates that home prices in Madison, 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 | $52,000 | 2.5% |
| Single Family | $52,000 | 2.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $40,000 | 5.3% |
2 Bed | $48,000 | 2.1% |
3 Bed | $68,000 | 1.5% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Madison, IL
As of July '25, Rentcast reports the average rent in Madison, IL is $854, with a year-over-year rent change of -10.0%. Per bedroom, the median rent as of July '25 in Madison, IL is 1-bedrooms: $773, 2-bedrooms: $1,100. The most common rental property sizes in Madison, IL are 2-bedroom and 3-bedroom, accounting for 46.5% and 22.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $775 | $854 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $775 | $773 |
| 2 Bed Rent | $1,100 | $1,100 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Madison, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Madison, IL is 76. This is a decrease of -11.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $70,800 | -28.0% |
Listing Count | 10 | 131.0% |
| Listings as % of Homes | 0.2% | 131.0% |
Days on Market | 76 | -11.0% |
Demographics — Madison, IL
As of the latest ACS Survey released in 2023, Madison, IL has a population of 3,620, which has decreased by -21.1% over the past 5 years. Madison, IL is a moderately popular place for families, as children make up 16.9% of the population. The area has a poorly educated workforce, with 7.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 0.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,620 | -21.1% |
% Under 18 | 16.9% | -19.1% |
% Seniors | 17.1% | 24.8% |
% WFH | 0.4% | -88.9% |
% w/ College Degree | 7.5% | 53.1% |
As of the latest ACS Survey released in 2023, Madison, IL is a predominantly black area, with 66.0% of the population identifying as black. The black population has grown by 13.4% in the last 5 years. The second most common race or ethnicity in Madison, IL is white, making up 22.7% of the population. Foreign-born residents account for 4.9% of the population in Madison, IL, and this percentage has increased by 308.3% 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 | 22.7% | -38.1% |
% Black | 66.0% | 13.4% |
% Hispanic | 4.2% | 121.1% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 4.9% | 308.3% |
Mortgage and Risk — Madison, IL
According to HUD data as of 2023, there were 19 mortgage originations in Madison, IL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Madison, IL. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 19 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Madison, IL
Madison, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 219 |
Total Units Section 8 | 189 |
% Rentals under Section 8 | 22.0% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $105 | $775 | $880 |
| 2 Bedroom | -$10 | $1,100 | $1,090 |
| 3 Bedroom | N/A | N/A | $1,410 |
| 4 Bedroom | N/A | N/A | $1,640 |
Affordability — Madison, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1 |
| Median Home Price | $52,000 |
| Median Household Income | $40,100 |