Effingham, IL—62401
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Effingham, IL
As of Oct '25, the median home price in Effingham, IL is $229,000, with a year-over-year change of 5.0%. This indicates that home prices in Effingham, IL are increasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $229,000 | 5.0% |
| Single Family | $229,000 | 4.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $220,000 | 8.4% |
2 Bed | $144,000 | 0.0% |
3 Bed | $226,000 | 3.2% |
4 Bed | $311,000 | 1.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Effingham, IL
As of July '25, Rentcast reports the average rent in Effingham, IL is $1,050, with a year-over-year rent change of -16.7%. Per bedroom, the median rent as of July '25 in Effingham, IL is 1-bedrooms: $784, 3-bedrooms: $1,090. The most common rental property sizes in Effingham, IL are 2-bedroom and 1-bedroom, accounting for 43.1% and 22.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $977 | $1,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $784 | $784 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $977 | $1,090 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Effingham, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Effingham, IL is 65. This is a decrease of -8.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $297,000 | -1.0% |
Listing Count | 58 | -27.0% |
| Listings as % of Homes | 0.5% | -27.0% |
Days on Market | 65 | -8.0% |
Demographics — Effingham, IL
As of the latest ACS Survey released in 2023, Effingham, IL has a population of 19,400, which has increased by 3.5% over the past 5 years. Effingham, IL is a moderately popular place for families, as children make up 23.3% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,400 | 3.5% |
% Under 18 | 23.3% | 2.2% |
% Seniors | 19.5% | 8.3% |
% WFH | 10.4% | 258.6% |
% w/ College Degree | 29.3% | 16.3% |
As of the latest ACS Survey released in 2023, Effingham, IL is a predominantly white area, with 94.4% of the population identifying as white. The white population has grown by 0.7% in the last 5 years. The second most common race or ethnicity in Effingham, IL is hispanic, making up 2.6% of the population. Foreign-born residents account for 3.1% of the population in Effingham, IL, and this percentage has decreased by 8.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.4% | 0.7% |
% Black | 0.9% | 12.5% |
% Hispanic | 2.6% | -23.5% |
% Asian | 0.7% | -22.2% |
% Foreign Born | 3.1% | -8.8% |
Mortgage and Risk — Effingham, IL
According to HUD data as of 2023, there were 173 mortgage originations in Effingham, IL, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Effingham, IL. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 173 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Effingham, IL
Effingham, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 436 |
Total Units Section 8 | 366 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$104 | $784 | $680 |
| 2 Bedroom | N/A | N/A | $870 |
| 3 Bedroom | $183 | $977 | $1,160 |
| 4 Bedroom | N/A | N/A | $1,270 |
Affordability — Effingham, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $229,000 |
| Median Household Income | $76,100 |