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  4. /Colona, IL - 61241

Colona, IL—61241

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$189,000
9.0% YoY Growth
Household Income
$78,600
21.8% YoY Growth
Days on Market
83
42.0% Longer YoY
Home Price Forecast
1.2%
Median Rent
$1,100
35.0% YoY Growth
1-Bed Rent
N/A
N/A
2-Bed Rent
N/A
N/A
3-Bed Rent
$1,100
N/A
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Colona, IL

As of May '26, the median home price in Colona, IL is $189,000, with a year-over-year change of 9.0%. This indicates that home prices in Colona, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$189,0009.0%
Single Family $189,0008.6%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$128,00013.3%
    3 Bed
    		$201,0008.6%
    4 Bed
    		$250,0006.4%
    5 Bed N/AN/A
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    % of Housing Stock

    1 Bedroom
    3.1%
    2 Bedrooms
    25.1%
    3 Bedrooms
    46.0%
    4 Bedrooms
    21.5%
    5+ Bedrooms
    4.3%

    Rental Trends — Colona, IL

    As of July '25, Rentcast reports the average rent in Colona, IL is $1,100, with a year-over-year rent change of 35.0%. Per bedroom, the median rent as of July '25 in Colona, IL is 3-bedrooms: $1,100. The most common rental property sizes in Colona, IL are 2-bedroom and 3-bedroom, accounting for 51.6% and 18.8% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,100$1,100
    Studio Rent N/AN/A
    1 Bed Rent N/AN/A
    2 Bed Rent N/AN/A
    3 Bed Rent $1,100$1,100
    4 Bed Rent N/AN/A
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    % of Rental Stock

    1 Bedroom
    9.8%
    2 Bedrooms
    51.6%
    3 Bedrooms
    18.8%
    4 Bedrooms
    9.3%
    5+ Bedrooms
    10.6%

    Property Listings — Colona, IL

    As of May '26, Realtor.com reports that the median days on market for a home in Colona, IL is 83. This is a increase of 42.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$247,0005.0%
    Listing Count
    		14-25.0%
    Listings as % of Homes0.4%-25.0%
    Days on Market
    		8342.0%
    Loading chart...

    Demographics — Colona, IL

    As of the latest ACS Survey released in 2023, Colona, IL has a population of 6,640, which has decreased by -2.8% over the past 5 years. Colona, IL is a moderately popular place for families, as children make up 20.8% of the population. The area has a poorly educated workforce, with 18.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		6,640-2.8%
    % Under 18
    		20.8%-5.0%
    % Seniors
    		17.1%9.6%
    % WFH
    		7.2%414.3%
    % w/ College Degree
    		18.4%-7.5%
    Loading chart...

    As of the latest ACS Survey released in 2023, Colona, IL is a predominantly white area, with 88.1% of the population identifying as white. The white population has grown by 2.8% in the last 5 years. The second most common race or ethnicity in Colona, IL is hispanic, making up 7.9% of the population. Foreign-born residents account for 1.2% of the population in Colona, IL, and this percentage has decreased by 58.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		88.1%2.8%
    % Black
    		0.6%200.0%
    % Hispanic
    		7.9%-34.7%
    % Asian
    		0.3%∞%
    % Foreign Born
    		1.2%-58.6%
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    Mortgage and Risk — Colona, IL

    According to HUD data as of 2023, there were 116 mortgage originations in Colona, IL, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Colona, IL. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		116
    % Conventional Loans
    		72.0%
    % Government Loans
    		28.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		10.0%
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    Rentals and Section 8 — Colona, IL

    Colona, IL lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		12
    Total Units Section 8
    		11
    % Rentals under Section 8
    		2.4%
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 BedroomN/AN/A$790
    2 BedroomN/AN/A$980
    3 Bedroom$180$1,100$1,280
    4 BedroomN/AN/A$1,510

    Affordability — Colona, IL

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2
    Median Home Price$189,000
    Median Household Income$78,600

    Colona, IL — ZIP Code Boundary Map

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    Frequently Asked Questions