Pana, IL—62557
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Pana, IL
As of Oct '25, the median home price in Pana, IL is $100,000, with a year-over-year change of 5.0%. This indicates that home prices in Pana, IL are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $100,000 | 5.0% |
| Single Family | $100,000 | 5.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $69,000 | 1.5% |
3 Bed | $120,000 | 7.1% |
4 Bed | $138,000 | 8.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Pana, IL
As of July '25, Rentcast reports the average rent in Pana, IL is $576, with a year-over-year rent change of 0.5%. Per bedroom, the median rent as of July '25 in Pana, IL is 2-bedrooms: $541, 3-bedrooms: $630. The most common rental property sizes in Pana, IL are 2-bedroom and 1-bedroom, accounting for 46.8% and 26.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $625 | $576 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $525 | $541 |
| 3 Bed Rent | $625 | $630 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Pana, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Pana, IL is 43. This is a decrease of -13.0% 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 | $142,000 | 27.0% |
Listing Count | 29 | 3.0% |
| Listings as % of Homes | 0.9% | 3.0% |
Days on Market | 43 | -13.0% |
Demographics — Pana, IL
As of the latest ACS Survey released in 2023, Pana, IL has a population of 6,860, which has decreased by -3.6% over the past 5 years. Pana, IL is a moderately popular place for families, as children make up 17.6% of the population. The area has a poorly educated workforce, with 17.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,860 | -3.6% |
% Under 18 | 17.6% | -22.8% |
% Seniors | 23.2% | 7.4% |
% WFH | 8.5% | 107.3% |
% w/ College Degree | 17.9% | 28.8% |
As of the latest ACS Survey released in 2023, Pana, IL is a predominantly white area, with 91.2% of the population identifying as white. The white population has shrunk by 5.6% in the last 5 years. The second most common race or ethnicity in Pana, IL is hispanic, making up 4.5% of the population. Foreign-born residents account for 0.7% of the population in Pana, IL, and this percentage has decreased by 53.3% 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 | 91.2% | -5.6% |
% Black | 1.4% | 40.0% |
% Hispanic | 4.5% | 1,400.0% |
% Asian | 0.8% | -42.9% |
% Foreign Born | 0.7% | -53.3% |
Mortgage and Risk — Pana, IL
According to HUD data as of 2023, there were 52 mortgage originations in Pana, IL, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 82.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Pana, IL. Investor activity is low, as 12.0% of loans were by investors. 2.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 52 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 12.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 2.0% |
Loan Activity
Rentals and Section 8 — Pana, IL
Pana, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 189 |
Total Units Section 8 | 189 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 80.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $660 |
| 2 Bedroom | $345 | $525 | $870 |
| 3 Bedroom | $425 | $625 | $1,050 |
| 4 Bedroom | N/A | N/A | $1,200 |
Affordability — Pana, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.6 |
| Median Home Price | $100,000 |
| Median Household Income | $51,800 |