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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Marion, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Marion, IL Housing Market Trends

With a population of 16,729, 8,028 total housing units (homes and apartments), and a median house value of $156,246, house prices in Marion are solidly below the national average.

Single-family detached homes are the single most common housing type in Marion, accounting for 66.80% of the city's housing units. Other types of housing that are prevalent in Marion include duplexes, homes converted to apartments or other small apartment buildings ( 15.49%), large apartment complexes or high rise apartments ( 12.63%), and a few mobile homes or trailers ( 3.97%).

People in Marion primarily live in small (one, two or no bedroom) single-family detached homes. Marion has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Marion built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Marion built between 2000 and later ( 23.74%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.61%). There's also some housing in Marion built before 1939 ( 14.63%).

Marion Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Marion, where house values have increased just 31.36%, which is annualized rate of 2.77%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Marion appreciation rates have trailed the rest of the nation. In the last twelve months, Marion's appreciation rate has been 2.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Marion were at 2.64%, which equates to an annual appreciation rate of 10.98%.

Importantly, this makes Marion one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Illinois, our data show that Marion's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Marion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Marion - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Marion real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$156,246

Marion, IL Home Prices
> $1,182,000
$887,001 - $1,182,000
$591,001 - $887,000
$473,001 - $591,000
$355,001 - $473,000
$236,001 - $355,000
$118,001 - $236,000
$59,001 - $118,000
$0 - $59,000
0.3%
0.3%
0.5%
0.5%
1.4%
1.4%
2.7%
2.7%
8.5%
8.5%
15.0%
15.0%
42.0%
42.0%
21.3%
21.3%
8.3%
8.3%
0% 100.0%
% of Homes
Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

8,028

Marion Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,308 / per month

Homeownership Rate

Owners
Renters
60.5%
60.5%
39.5%
39.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.6%
8.6%
91.4%
91.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
23.7%
23.7%
40.0%
40.0%
21.6%
21.6%
14.6%
14.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.8%
66.8%
1.1%
1.1%
15.5%
15.5%
12.6%
12.6%
4.0%
4.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.6%
4.6%
8.2%
8.2%
35.8%
35.8%
38.6%
38.6%
8.9%
8.9%
3.9%
3.9%
0% 100.0%
% of Homes