Olney, IL housing market
Home prices around Olney have risen about 37% over the past 5 years. Builders were permitted 8 new homes in 2025.
Home values, sales, trends and how Olney compares with the towns next door — updated as new data is published.
Home prices up 37% in 5 years
The federal house price index for the ZIP code around Olney rose 37% over the past 5 years, slower than across Illinois (47%). Last year prices rose 9%. Carrying the Census median home value forward with that index puts the typical Olney home at roughly $148,000 today.
Show as a table
| Year | Change that year | Since 2000 | Illinois since 2000 |
|---|---|---|---|
| 2025 | +8.9% | +105% | +96% |
| 2024 | +4% | +88% | +85% |
| 2023 | −5.1% | +80% | +73% |
| 2022 | +18% | +90% | +61% |
| 2021 | +8.1% | +62% | +44% |
| 2020 | +4% | +50% | +33% |
| 2019 | +4.1% | +44% | +32% |
| 2018 | −3.7% | +38% | +28% |
| 2017 | +1.4% | +44% | +25% |
| 2016 | +0.9% | +42% | +22% |
| 2015 | +5.5% | +40% | +19% |
| 2014 | +1.2% | +33% | +15% |
| 2013 | +1% | +31% | +11% |
| 2012 | +0.9% | +30% | +11% |
| 2011 | +0.6% | +29% | +14% |
| 2010 | +1.6% | +28% | +21% |
| 2009 | −2.5% | +26% | +29% |
| 2008 | +4.1% | +29% | +40% |
| 2007 | +3.3% | +24% | +45% |
| 2006 | +6.6% | +21% | +43% |
| 2005 | −4.8% | +13% | +35% |
| 2004 | +1.8% | +19% | +24% |
| 2003 | +4.9% | +17% | +15% |
| 2002 | +1.3% | +11% | +11% |
| 2001 | +9.6% | +9.6% | +5.6% |
| 2000 | — | — | — |
How Olney ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP code 62450, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
8 new homes permitted in 2025
Builders were permitted 8 new homes in Olney in 2025, all single-family houses, worth about $2.9 million to build. That's 0.9 per 1,000 residents, slower than across Illinois (1.6). Over the past 10 years, Olney has permitted 31 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Olney's population fell by 414 even though 47 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year.
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 5 | 5 | 0 | $1.8 million |
| 2025 | 8 | 8 | 0 | $2.9 million |
| 2024 | 6 | 6 | 0 | $2.2 million |
| 2023 | 3 | 3 | 0 | $928,000 |
| 2022 | 3 | 3 | 0 | $1.2 million |
| 2021 | 1 | 1 | 0 | $125,000 |
| 2020 | 0 | 0 | 0 | — |
| 2019 | 2 | 2 | 0 | $502,000 |
| 2018 | 2 | 2 | 0 | $454,000 |
| 2017 | 3 | 3 | 0 | $526,000 |
| 2016 | 3 | 3 | 0 | $750,000 |
| 2015 | 9 | 9 | 0 | $2 million |
| 2014 | 4 | 4 | 0 | $1.2 million |
| 2013 | 4 | 4 | 0 | $595,000 |
| 2012 | 5 | 5 | 0 | $832,000 |
| 2011 | 8 | 8 | 0 | $1.2 million |
| 2010 | 7 | 7 | 0 | $1.4 million |
| 2009 | 9 | 9 | 0 | $1.3 million |
| 2008 | 8 | 8 | 0 | $1.5 million |
| 2007 | 11 | 11 | 0 | $1.6 million |
| 2006 | 14 | 14 | 0 | $2.3 million |
| 2005 | 12 | 12 | 0 | $1.6 million |
| 2004 | 30 | 12 | 18 | $3.1 million |
| 2003 | 15 | 15 | 0 | $1.8 million |
| 2002 | 34 | 14 | 20 | $2 million |
| 2001 | 61 | 19 | 42 | $5.8 million |
| 2000 | 45 | 15 | 30 | $4.5 million |
How Olney ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
1.7 years of income
The typical Olney home costs about 1.7 years of the town's median household income, less than across Illinois (3.6 years).
How Olney ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $920
HUD's Fair Market Rent for a two-bedroom in Olney is $920 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Olney pay a median of $809, so moving in tends to cost more than staying put. A two-bedroom takes about 18% of the town's median household income.
Studio $630 · 4 bedrooms $1,390
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (62450; Richland County, IL), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.