The story of this market
The typical home in ZIP 61531 sells for about $256,250, or $102 per square foot.
Prices are up +4.2% from a year ago, so sellers still have some momentum. Homes take about 48 days to sell. HUD's fair market rent for a two-bedroom is $931 a month.
ZIP 61531 — Farmington
The housing market in 61531 remains stable with modest year-over-year price appreciation driven by low inventory levels. Demand is consistent among local buyers, though the market is tempered by broader economic factors affecting rural Illinois. Sales activity is steady, reflecting a balanced environment for both buyers and sellers.
This ZIP is well-suited for families and local workers seeking a quiet, rural lifestyle with affordable housing options compared to the nearby Peoria metro area.
Median prices moved up 4.2% year over year.
Homes spend a median of 48 days on market with 4.5 months of supply — a fast-moving market.
12% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 7.9% · poverty 8.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 61531, Illinois
The area is primarily served by Farmington Central Community Unit School District 265, which maintains a stable reputation within the rural Fulton County region.
The region faces moderate risk from severe thunderstorms and occasional wind events, with standard flood insurance requirements for properties located near the Spoon River basin.
Economic momentum is driven by agricultural support services and proximity to the Peoria employment hub, with limited new residential development activity.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Illinois) — Property Tax Assessment (Fair Cash Value): Property is assessed at 33 1/3% of its fair cash value. The tax bill is calculated by multiplying the equalized assessed value (EAV) by the aggregate tax rate of the local taxing districts.
Residents typically commute by personal vehicle toward Peoria, with average travel times ranging from 30 to 45 minutes via Illinois Route 116.
Local amenities include Farmington Community Park and proximity to various outdoor recreational areas in the Spoon River Valley, with basic retail services located in the city center.
The rental market is characterized by low turnover and limited inventory, primarily consisting of single-family homes with minimal short-term rental presence.
The local economy is anchored by agriculture, manufacturing, and healthcare services, with significant employment ties to the broader Peoria industrial corridor.
Transportation is heavily reliant on private vehicle use, with Illinois Route 116 serving as the primary arterial corridor for regional access.
Development is currently focused on small-scale residential infill and maintenance of existing infrastructure.
Parcels are subject to local school district levies and county-specific property tax assessments.
Property insurance premiums are stable but sensitive to regional weather-related claims, particularly wind and storm damage.
Data retrieved from US Census Bureau ACS tables for ZCTA 61531.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Kartville4.219.9 mi
- Kartville4.219.9 mi
- Peoria Speedway4.419.6 mi
- Aura Haunted House4.918.8 mi
- Joe's Place | Norris, IL4.62.3 mi
- Banner Marsh State Fish and Wildlife Area4.512.1 mi
- Reed's Park4.73.2 mi
- Lakeland Park4.75.6 mi
- Linn Lanes Inc4.47.5 mi
- Big Creek Park4.66 mi
- Banner Marsh State Fish and Wildlife Area4.512.1 mi
- Reed's Park4.73.2 mi
- Lakeland Park4.75.6 mi
- Wallace Park4.47.3 mi
- Big Creek Park4.66 mi
- Pekin Boat Club4.319.9 mi
- Hy-Vee Grocery Store4.36.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Primary local green space for community events and recreation.
Regional landmark providing fishing and scenic outdoor access.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.