Marion, IL—62959
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Marion, IL
As of Oct '25, the median home price in Marion, IL is $172,000, with a year-over-year change of 1.8%. This indicates that home prices in Marion, IL are increasing. According to Zillow, the 1-year price projection is -0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $172,000 | 1.8% |
| Single Family | $172,000 | 1.8% |
| 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 | $197,000 | 5.3% |
4 Bed | $288,000 | 5.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Marion, IL
As of July '25, Rentcast reports the average rent in Marion, IL is $1,160, with a year-over-year rent change of 19.1%. Per bedroom, the median rent as of July '25 in Marion, IL is studios: $1,900, 1-bedrooms: $750, 2-bedrooms: $1,020, 3-bedrooms: $1,300, 4-bedrooms: $4,500. The most common rental property sizes in Marion, IL are 2-bedroom and 3-bedroom, accounting for 49.8% and 24.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $975 | $1,160 |
| Studio Rent | $1,900 | $1,900 |
| 1 Bed Rent | $750 | $750 |
| 2 Bed Rent | $950 | $1,020 |
| 3 Bed Rent | $1,300 | $1,300 |
| 4 Bed Rent | $4,500 | $4,500 |
% of Rental Stock
Property Listings — Marion, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Marion, IL is 56. This is a increase of 21.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | 3.0% |
Listing Count | 122 | 14.0% |
| Listings as % of Homes | 0.6% | 14.0% |
Days on Market | 56 | 21.0% |
Demographics — Marion, IL
As of the latest ACS Survey released in 2023, Marion, IL has a population of 27,800, which has decreased by -1.5% over the past 5 years. Marion, IL is a moderately popular place for families, as children make up 21.1% of the population. The area has a moderately educated workforce, with 27.5% 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 | 27,800 | -1.5% |
% Under 18 | 21.1% | 1.0% |
% Seniors | 20.8% | 7.2% |
% WFH | 10.4% | 271.4% |
% w/ College Degree | 27.5% | 23.9% |
As of the latest ACS Survey released in 2023, Marion, IL is a predominantly white area, with 87.3% of the population identifying as white. The white population has shrunk by 0.3% in the last 5 years. The second most common race or ethnicity in Marion, IL is black, making up 4.8% of the population. Foreign-born residents account for 2.0% of the population in Marion, IL, and this percentage has increased by 81.8% 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 | 87.3% | -0.3% |
% Black | 4.8% | -29.4% |
% Hispanic | 2.9% | 16.0% |
% Asian | 2.1% | 320.0% |
% Foreign Born | 2.0% | 81.8% |
Mortgage and Risk — Marion, IL
According to HUD data as of 2023, there were 463 mortgage originations in Marion, IL, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Marion, IL. Investor activity is high, as 17.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 463 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 17.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Marion, IL
As of 2024, the percent of homes in Marion, IL under the Section 8 program is 10.2%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Marion, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 659 |
Total Units Section 8 | 331 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 82.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $750 | $780 |
| 2 Bedroom | $70 | $950 | $1,020 |
| 3 Bedroom | $100 | $1,300 | $1,400 |
| 4 Bedroom | -$2,980 | $4,500 | $1,520 |
Affordability — Marion, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $172,000 |
| Median Household Income | $69,900 |