ZIP Code Market Report
61602 — Peoria, IL
Data through February 2026 · Updated monthly
Avg Home Value
$120,947
▼ 12.1% year-over-year
Month-over-Month
-2.7%
▼ 2.7%
Single Family
--
Condo / Co-op
$132,812
The average home value in the 61602 ZIP code (Peoria, Illinois) is $120,947 as of February 2026. Home prices are declining, down 12.1% compared to last year.
The market in 61602 has a $144,153 spread between bottom-tier homes at $81,032 and top-tier homes at $225,185. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 61602 ZIP code will decrease 1.2% over the next 12 months, bringing the projected average to approximately $119,495. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Peoria County market area in Illinois. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Peoria County report.
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Market Snapshot
61602 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $126,949 | $124,297 | $120,947 | ▼ 4.7% |
Home Values
61602 Home Value Trend
Historical home values for ZIP code 61602. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 61602
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $125,984 |
Property Types
Home Values by Property Type in 61602
How different property types compare in this ZIP code.
All Homes
$120,947
Condo / Co-op
$132,812
Bottom Tier
$81,032
Top Tier
$225,185
Forecast
12-Month Home Value Forecast for 61602
Zillow projects home values in 61602 will decrease 1.2% over the next year, reaching approximately $119,495.
Current Value
$120,947
Projected Change
-1.2%
▼ 1.2%
Projected Value
$119,495
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 61602 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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