Market Intelligence · IL / Peoria

Peoria, IL 61602 Housing Market

The typical home value in Peoria's 61602 ZIP is $121,653, down 15.7% over the past year. Homes are listing at a median of $179,900 and spending 63 days on market before sale.

Updated September 2026Median value$122K

The median home value in Peoria, IL 61602 is $122K as of September 2026, down 15.7% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 61602 range

$112K to $131K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

-15.7% over 12 months

Sep 2025$144K

Low $122KHigh $144K

Sep 2026$122K

The numbers

What is the 61602 housing market like?

As of September 2026

Typical home value

$122K

15.7%YoY

Median list price

$180K

1.2%MoM

Days on market

37.0%MoM

Homes for sale

23.5%MoM

Price cuts

17.4%

New listings

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

61602 housing market forecast 2027

+1.7%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 61602 to rise 1.7% by September 2027.

Over the 12 months through September 2026, typical home values in 61602 fell 15.7%, per the Zillow Home Value Index.

Will home prices drop in 61602?

Zillow's forecast does not call for a drop: it expects typical home values in 61602 to rise 1.7% by September 2027, after a 15.7% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 61602 home prices compare?

61602$121,653
Peoria$120,943
Illinois$194,737
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Peoria: 8 ZIPs; Illinois: 1,084 ZIPs; United States: 26,262 ZIPs).

Context

The 61602 market shows signs of softening. Only 2 new listings appeared in September 2026, while 21 homes remained for sale overall. The median listing price of $179,900 sits well above the typical home value of $121,653, a gap that reflects the year's 15.7% decline. With homes spending 63 days on market, patience is becoming part of the selling equation. If you're considering selling, current conditions favor buyers over sellers.

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Down payment20% · $24,331

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Common questions

What people ask us.

What is the typical home value in 61602?

The typical home value is $121,653, which has declined 15.7% over the past year.

How many homes are for sale in Peoria's 61602 ZIP?

As of September 2026, there are 21 homes for sale in the area.

How long do homes typically stay on market in 61602?

The median days on market is 63, meaning homes take about two months to sell.

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