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Marion, IL—62959

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$183,000
2.5% YoY Growth
Household Income
$69,900
35.7% YoY Growth
Days on Market
60
6.0% Shorter YoY
Home Price Forecast
-0.5%
Median Rent
$975
19.1% YoY Growth
1-Bed Rent
$750
3.4% YoY Growth
2-Bed Rent
$950
10.9% YoY Growth
3-Bed Rent
$1,300
16.1% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Marion, IL

As of May '26, the median home price in Marion, IL is $183,000, with a year-over-year change of 2.5%. This indicates that home prices in Marion, IL are increasing. According to Zillow, the 1-year price projection is -0.5%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$183,0002.5%
Single Family $183,0001.7%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		N/AN/A
    3 Bed
    		$207,0007.3%
    4 Bed
    		$296,0006.1%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    2.7%
    1 Bedroom
    6.5%
    2 Bedrooms
    30.1%
    3 Bedrooms
    43.6%
    4 Bedrooms
    13.8%
    5+ Bedrooms
    3.2%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    3.3%
    1 Bedroom
    17.8%
    2 Bedrooms
    49.8%
    3 Bedrooms
    24.4%
    4 Bedrooms
    4.3%
    5+ Bedrooms
    0.5%

    Property Listings — Marion, IL

    As of May '26, Realtor.com reports that the median days on market for a home in Marion, IL is 60. This is a decrease of -6.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$225,000-6.0%
    Listing Count
    		1293.0%
    Listings as % of Homes0.6%3.0%
    Days on Market
    		60-6.0%
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    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.

    MetricLatest CensusYoY % 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%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio2.4
    Median Home Price$183,000
    Median Household Income$69,900

    Marion, IL — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    62951

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    Frequently Asked Questions