Carbondale, IL Housing Market

Market Overview

Carbondale, IL scores 52 out of 100 on the PropertyIQ Score, placing it in a moderate range. The score reflects mixed signals: a 12-month home value momentum of 6.33% and a 3-month home value momentum of -0.86%, a median days on market of 71 days, and a 15.4% share of listings with a price cut. The median home value is $153,268, well below the Illinois state average of $297,573. The rent index is $831, compared with the state benchmark of $1,274. The local median household income is $48,763, while the state average is $83,390. The unemployment rate is 4.9%, matching the state average.

Compared with state benchmarks, Carbondale offers lower housing costs and lower rents, but household incomes are also substantially lower. The median home value is roughly half the state average, and the rent index is about two-thirds of the state level. With 128 homes for sale and a median days on market of 71 days, the market is neither fast-moving nor severely stagnant. The 15.4% share of listings with a price cut suggests that some sellers are adjusting prices to attract buyers. Overall, the 52/100 score and these comparisons support a moderate market position.

Key Trends

The first trend is cooling price momentum. The 12-month home value momentum of 6.33% indicates positive movement over the past year, but the 3-month home value momentum of -0.86% points to a recent slowdown or slight decline. The home value year-over-year change of $65 is minimal in dollar terms, reinforcing that annual appreciation has been modest and recent momentum has weakened.

A second trend is measured market pace and seller flexibility. The median days on market is 71 days, meaning homes take more than two months to go under contract on average. There are 128 homes for sale, and 15.4% of listings have had a price cut. These numbers point to a market where buyers have some choice and sellers may need to be flexible on price or terms.

A third trend is affordability relative to the state. The median home value of $153,268 is well below the state average of $297,573, and the rent index of $831 is well below the state benchmark of $1,274. However, the median household income of $48,763 is also well below the state average of $83,390. This means lower housing costs are paired with lower local incomes, which can offset some of the apparent affordability advantage for local residents. The unemployment rate is 4.9%, equal to the state average, so the local labor market does not stand out from the state benchmark.

Who Is This Market For

This market is likely suited to first-time buyers and budget-conscious households. The median home value of $153,268 is significantly below the state average of $297,573, which lowers the entry barrier for buyers who can qualify with local incomes. However, with a median household income of $48,763, buyers should be mindful that local wages are also below the state median of $83,390.

Investors may find opportunities in Carbondale because acquisition prices are lower than the state average. The rent index of $831 is also lower than the state benchmark of $1,274, so rental income expectations should be calibrated to a smaller rent base. A 15.4% share of listings with a price cut and a median days on market of 71 days could give buyers and investors some negotiation room. Move-up buyers may find less urgency in this market because the 3-month home value momentum is -0.86% and the home value year-over-year change is only $65, suggesting minimal short-term price growth.

Outlook

The outlook for Carbondale is moderate and cautious. The 12-month home value momentum of 6.33% shows that the market has had some upward movement over the past year, but the 3-month momentum of -0.86%, the 15.4% share of listings with a price cut, and the 71-day median days on market all point to cooling conditions. With 128 homes for sale, buyers are likely to maintain some negotiating power. Population growth is N/A, so no conclusion about future demand from population change can be drawn from the provided data. The unemployment rate matches the state average at 4.9%, and median household income remains below the state benchmark, which may limit how much local buyers can stretch on housing costs. Based strictly on the numbers, Carbondale is positioned for a stable but unspectacular period, with sellers needing to price realistically.