Palmyra, IL—62674
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palmyra, IL
As of Oct '25, the median home price in Palmyra, IL is $123,000, with a year-over-year change of 0.2%. This indicates that home prices in Palmyra, IL are flat. According to Zillow, the 1-year price projection is -0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $123,000 | 0.2% |
| Single Family | $123,000 | -0.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Palmyra, IL
Palmyra, IL lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Palmyra, IL
Palmyra, IL lacks sufficient listing trend data for analysis.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $215,000 | -51.0% |
Listing Count | 0 | -60.0% |
| Listings as % of Homes | 0.4% | -60.0% |
Days on Market | 118 | 133.0% |
Demographics — Palmyra, IL
As of the latest ACS Survey released in 2023, Palmyra, IL has a population of 1,320, which has decreased by -5.7% over the past 5 years. Palmyra, IL is a moderately popular place for families, as children make up 20.2% of the population. The area has a poorly educated workforce, with 13.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,320 | -5.7% |
% Under 18 | 20.2% | 12.2% |
% Seniors | 24.0% | -2.0% |
% WFH | 13.5% | 82.4% |
% w/ College Degree | 13.6% | 7.9% |
As of the latest ACS Survey released in 2023, Palmyra, IL is a predominantly white area, with 98.7% of the population identifying as white. The white population has grown by 2.0% in the last 5 years. The second most common race or ethnicity in Palmyra, IL is hispanic, making up 0.2% of the population. Foreign-born residents account for 0.2% of the population in Palmyra, IL, and this percentage has increased by Inf% 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 | 98.7% | 2.0% |
% Black | 0.0% | -100.0% |
% Hispanic | 0.2% | -81.8% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.2% | ∞% |
Mortgage and Risk — Palmyra, IL
According to HUD data as of 2023, there were 37 mortgage originations in Palmyra, IL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Palmyra, IL. Investor activity is low, as 8.0% 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 | 37 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 8.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Palmyra, IL
Palmyra, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 10 |
Total Units Section 8 | 0 |
% Rentals under Section 8 | 0.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $660 |
| 2 Bedroom | N/A | N/A | $870 |
| 3 Bedroom | N/A | N/A | $1,120 |
| 4 Bedroom | N/A | N/A | $1,340 |
Affordability — Palmyra, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $123,000 |
| Median Household Income | $54,200 |