Decatur, IL—62522
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 $84,000, with a year-over-year change of 5.0%. This indicates that home prices in Decatur, IL are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $84,000 | 5.0% |
| Single Family | $84,000 | 5.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $65,000 | 0.0% |
3 Bed | $122,000 | 7.0% |
4 Bed | $145,000 | 8.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Decatur, IL
As of July '25, Rentcast reports the average rent in Decatur, IL is $954, with a year-over-year rent change of -27.2%. Per bedroom, the median rent as of July '25 in Decatur, IL is studios: $750, 1-bedrooms: $665, 2-bedrooms: $833, 3-bedrooms: $1,080, 4-bedrooms: $1,000. The most common rental property sizes in Decatur, IL are 2-bedroom and 1-bedroom, accounting for 38.9% and 29.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $954 |
| Studio Rent | $750 | $750 |
| 1 Bed Rent | $710 | $665 |
| 2 Bed Rent | $850 | $833 |
| 3 Bed Rent | $1,080 | $1,080 |
| 4 Bed Rent | $1,000 | $1,000 |
% 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 26. This is a decrease of -7.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $119,000 | -1.0% |
Listing Count | 38 | -38.0% |
| Listings as % of Homes | 0.5% | -38.0% |
Days on Market | 26 | -7.0% |
Demographics — Decatur, IL
As of the latest ACS Survey released in 2023, Decatur, IL has a population of 15,000, which has decreased by -1.8% over the past 5 years. Decatur, IL is a moderately popular place for families, as children make up 22.9% of the population. The area has a moderately educated workforce, with 25.7% 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 | 15,000 | -1.8% |
% Under 18 | 22.9% | 6.5% |
% Seniors | 16.9% | 12.7% |
% WFH | 8.7% | 123.1% |
% w/ College Degree | 25.7% | 3.2% |
As of the latest ACS Survey released in 2023, Decatur, IL is a predominantly white area, with 62.4% of the population identifying as white. The white population has shrunk by 12.4% in the last 5 years. The second most common race or ethnicity in Decatur, IL is black, making up 28.2% of the population. Foreign-born residents account for 1.8% of the population in Decatur, IL, and this percentage has decreased by 5.3% 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 | 62.4% | -12.4% |
% Black | 28.2% | 40.3% |
% Hispanic | 2.3% | -8.0% |
% Asian | 1.0% | 150.0% |
% Foreign Born | 1.8% | -5.3% |
Mortgage and Risk — Decatur, IL
According to HUD data as of 2023, there were 225 mortgage originations in Decatur, IL, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Decatur, IL. Investor activity is low, as 13.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 225 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 13.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Decatur, IL
As of 2024, the percent of homes in Decatur, IL under the Section 8 program is 13.7%. 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. In Decatur, IL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 542 |
Total Units Section 8 | 282 |
% Rentals under Section 8 | 13.7% |
% Occupied Section 8 | 72.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $100 | $710 | $810 |
| 2 Bedroom | $160 | $850 | $1,010 |
| 3 Bedroom | $250 | $1,080 | $1,330 |
| 4 Bedroom | $570 | $1,000 | $1,570 |
Affordability — Decatur, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.3 |
| Median Home Price | $84,000 |
| Median Household Income | $51,700 |