Peoria, IL—61606
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Peoria, IL
As of Oct '25, the median home price in Peoria, IL is $122,000, with a year-over-year change of 9.5%. This indicates that home prices in Peoria, IL are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $122,000 | 9.5% |
| Single Family | $122,000 | 9.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $73,000 | 7.4% |
3 Bed | $112,000 | 7.7% |
4 Bed | $138,000 | 11.3% |
| 5 Bed | $170,000 | 8.3% |
% of Housing Stock
Rental Trends — Peoria, IL
As of July '25, Rentcast reports the average rent in Peoria, IL is $1,220, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Peoria, IL is 1-bedrooms: $800, 2-bedrooms: $1,070, 3-bedrooms: $1,380, 4-bedrooms: $1,600. The most common rental property sizes in Peoria, IL are 1-bedroom and 2-bedroom, accounting for 33.6% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $800 | $800 |
| 2 Bed Rent | $950 | $1,070 |
| 3 Bed Rent | $1,250 | $1,380 |
| 4 Bed Rent | $1,600 | $1,600 |
% of Rental Stock
Property Listings — Peoria, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Peoria, IL is 74. 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $175,000 | -19.0% |
Listing Count | 16 | 8.0% |
| Listings as % of Homes | 0.6% | 8.0% |
Days on Market | 74 | 21.0% |
Demographics — Peoria, IL
As of the latest ACS Survey released in 2023, Peoria, IL has a population of 6,980, which has decreased by -11.3% over the past 5 years. Peoria, IL is a moderately popular place for families, as children make up 15.6% of the population. The area has a moderately educated workforce, with 39.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,980 | -11.3% |
% Under 18 | 15.6% | 4.7% |
% Seniors | 7.6% | 26.7% |
% WFH | 12.9% | 87.0% |
% w/ College Degree | 39.9% | -10.3% |
As of the latest ACS Survey released in 2023, Peoria, IL is a predominantly white area, with 66.1% of the population identifying as white. The white population has shrunk by 5.2% in the last 5 years. The second most common race or ethnicity in Peoria, IL is black, making up 17.4% of the population. Foreign-born residents account for 4.1% of the population in Peoria, IL, and this percentage has decreased by 28.1% 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 | 66.1% | -5.2% |
% Black | 17.4% | -3.3% |
% Hispanic | 8.4% | 64.7% |
% Asian | 3.5% | -2.8% |
% Foreign Born | 4.1% | -28.1% |
Mortgage and Risk — Peoria, IL
According to HUD data as of 2023, there were 60 mortgage originations in Peoria, IL, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Peoria, IL. Investor activity is low, as 8.0% 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 | 60 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 8.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 2.0% |
Loan Activity
Rentals and Section 8 — Peoria, IL
As of 2024, the percent of homes in Peoria, IL under the Section 8 program is 5.1%. 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. 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Peoria, IL, because HUD payments exceed market rent, while 1-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 98 |
Total Units Section 8 | 88 |
% Rentals under Section 8 | 5.1% |
% Occupied Section 8 | 81.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$40 | $800 | $760 |
| 2 Bedroom | $20 | $950 | $970 |
| 3 Bedroom | $10 | $1,250 | $1,260 |
| 4 Bedroom | -$280 | $1,600 | $1,320 |
Affordability — Peoria, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $122,000 |
| Median Household Income | $41,000 |