Logan County, Illinois Housing Market

📝 Local Market Notes

Logan County, Illinois, operates as a distinct buyer’s market, characterized by a price-to-income ratio of 2.03, significantly below the national average of 3.20. This affordability is reinforced by a rent burden of 15.0%, which sits comfortably under the national benchmark of 17.2%. The market exhibits strong upward momentum, with home values increasing from $101,300 in 2017 to $134,400 in 2024, representing a cumulative gain of approximately 32.7%. Recent FHFA HPI data indicates a year-over-year appreciation of 7.91%, outpacing the Illinois state average of 5.54% by 2.37 percentage points. This acceleration suggests that local demand is exceeding the broader state trend, potentially driven by relative affordability rather than luxury market dynamics. The economic fundamentals support this appreciation despite a modest local labor base of 5,781 jobs and an average weekly wage of $965. Migration data reveals a net inflow of 365 filers between 2021 and 2022, with incoming residents earning an average income of $68,865, slightly below the outflow average of $69,410. This indicates that the county is attracting households with incomes aligned with the local median of $66,358, rather than high-income commuters. Housing supply remains constrained, with only 64 new units authorized in 2025, predominantly multi-family (57 units) compared to single-family (7 units). This limited new construction, particularly in the single-family sector, likely contributes to the sustained price growth observed in recent years. A notable divergence exists between the rapid appreciation of home values and the relatively stable rental market, where the median gross rent stands at $829. The price-to-rent ratio of 13.5 is substantially lower than the national average of 18.7, indicating that purchasing remains significantly more cost-effective than renting for long-term residents. While the 7.40% national mortgage rate presents a barrier to entry, the county’s home values are 41.0% below the national average and 12.2% below the state average, mitigating some of the financing pressure. For potential buyers, the combination of low entry costs and strong historical appreciation offers a favorable risk-reward profile. Conversely, renters face a market where ownership is increasingly accessible due to the low price-to-income ratio, suggesting that the barrier to entry for homeownership is lower than in most U.S. counties. The data suggests a market where affordability is the primary driver of demand, supported by consistent, albeit modest, population growth and limited new housing inventory.

Based on U.S. Census ACS 2024 5-Year Estimates.