A typical Elmwood home is worth about $190,000
Up 5.4% in a year, 36% below the Illinois typical home.
Only 3 sales in May 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
What Elmwood’s housing numbers say
Homes cost about two years of income
A typical Elmwood home costs 2.1 years of the median household income, against 3.6 years across Illinois. At Elmwood’s median household income of $90,000, the calculator below reaches about $287K, enough for the typical home. Can I afford it? ↓
Half the homes were built before 1938
Half of Elmwood’s homes were built before 1938, against 1971 for Illinois as a whole. Older homes can mean character, and also bigger heating and repair bills, so an inspection matters. The homes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through August 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
Up 30.8% in five years
About the same pace as Illinois (29.1%).
Show as a table
| January | Elmwood | Illinois |
|---|---|---|
| 2017 | $124,000 | $181,000 |
| 2018 | $123,000 | $190,000 |
| 2019 | $121,000 | $195,000 |
| 2020 | $126,000 | $200,000 |
| 2021 | $136,000 | $215,000 |
| 2022 | $152,000 | $236,000 |
| 2023 | $156,000 | $248,000 |
| 2024 | $162,000 | $263,000 |
| 2025 | $172,000 | $278,000 |
| 2026 | $189,000 | $290,000 |
| August 2026 | $190,000 | $298,000 |
A typical Elmwood home worth $124K in September 2016 is worth about $190K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through August 2026.
A typical home costs 2.1 years of income
Less than across Illinois (3.6 years). Try your own numbers below.
That covers a typical Elmwood home, with $97K to spare.
A two-bedroom rents for about $920 a month here, $470 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Elmwood’s typical property tax (2.48% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $920
Renters already here pay a median of $713, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Peoria, IL MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
No new homes permitted in 2025
No permits for new homes were issued in Elmwood in 2025. The last year with any was 2024 (2 new homes).
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 1 | 1 | 0 | $400,000 |
| 2025 | 0 | 0 | 0 | — |
| 2024 | 2 | 2 | 0 | $800,000 |
| 2023 | 0 | 0 | 0 | — |
| 2022 | 0 | 0 | 0 | — |
| 2021 | 0 | 0 | 0 | — |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
80% of Elmwood households own their home
Half of Elmwood’s homes were built before 1938.
Illinois: 67% own.
U.S. Census Bureau, American Community Survey 2020-2024.
On the market in Elmwood
Listed in the past 60 days. Each opens on the listing site.
Neighbors talk housing
What Elmwood buyers, sellers and renters are saying.
Your answer becomes a post in Town Square.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.