Decatur, IL—62521
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Decatur, IL
As of Oct '25, the median home price in Decatur, IL is $115,000, with a year-over-year change of 6.5%. This indicates that home prices in Decatur, 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 | $115,000 | 6.5% |
| Single Family | $116,000 | 7.4% |
| Condos | $88,000 | 11.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $66,000 | 4.8% |
3 Bed | $148,000 | 6.5% |
4 Bed | $220,000 | 4.3% |
| 5 Bed | $369,000 | 5.1% |
% of Housing Stock
Rental Trends — Decatur, IL
As of July '25, Rentcast reports the average rent in Decatur, IL is $1,040, with a year-over-year rent change of 2.0%. Per bedroom, the median rent as of July '25 in Decatur, IL is 1-bedrooms: $865, 2-bedrooms: $986, 3-bedrooms: $1,100, 4-bedrooms: $1,260. The most common rental property sizes in Decatur, IL are 2-bedroom and 3-bedroom, accounting for 43.1% and 28.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $880 | $1,040 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $865 | $865 |
| 2 Bed Rent | $850 | $986 |
| 3 Bed Rent | $1,070 | $1,100 |
| 4 Bed Rent | $1,240 | $1,260 |
% of Rental Stock
Property Listings — Decatur, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Decatur, IL is 32. This is a decrease of -33.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $157,000 | -4.0% |
Listing Count | 105 | -22.0% |
| Listings as % of Homes | 0.5% | -22.0% |
Days on Market | 32 | -33.0% |
Demographics — Decatur, IL
As of the latest ACS Survey released in 2023, Decatur, IL has a population of 32,500, which has decreased by -8.7% over the past 5 years. Decatur, IL is a moderately popular place for families, as children make up 22.3% of the population. The area has a poorly educated workforce, with 22.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,500 | -8.7% |
% Under 18 | 22.3% | -2.2% |
% Seniors | 22.5% | 11.9% |
% WFH | 7.1% | 91.9% |
% w/ College Degree | 22.4% | -0.9% |
As of the latest ACS Survey released in 2023, Decatur, IL is a predominantly white area, with 74.8% of the population identifying as white. The white population has shrunk by 1.2% in the last 5 years. The second most common race or ethnicity in Decatur, IL is black, making up 17.0% of the population. Foreign-born residents account for 2.6% of the population in Decatur, IL, and this percentage has increased by 23.8% 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 | 74.8% | -1.2% |
% Black | 17.0% | 2.4% |
% Hispanic | 2.8% | 12.0% |
% Asian | 0.6% | -33.3% |
% Foreign Born | 2.6% | 23.8% |
Mortgage and Risk — Decatur, IL
According to HUD data as of 2023, there were 434 mortgage originations in Decatur, IL, of which 74.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 37.0% above 90% LTV (very high). This implies large mortgage risk in Decatur, IL. Investor activity is low, as 11.0% 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 | 434 |
% Conventional Loans | 74.0% |
% Government Loans | 26.0% |
% Investor Loans | 11.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Decatur, IL
As of 2024, the percent of homes in Decatur, IL under the Section 8 program is 11.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Decatur, IL, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 676 |
Total Units Section 8 | 381 |
% Rentals under Section 8 | 11.9% |
% Occupied Section 8 | 72.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$5 | $865 | $860 |
| 2 Bedroom | $220 | $850 | $1,070 |
| 3 Bedroom | $340 | $1,070 | $1,410 |
| 4 Bedroom | $430 | $1,240 | $1,670 |
Affordability — Decatur, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.4 |
| Median Home Price | $115,000 |
| Median Household Income | $66,800 |