Marion housing market update: higher inventory, softer pricing, steady rents
Marion, IL – February 28, 2026 – Inventory remains elevated and pricing signals are mixed, while rents hover near $1K and mortgage rates remain around 6%.
Top takeaways
- Median home price is around $199K (December 2025 reporting period).
- Active listings are higher year-over-year, and homes are taking longer to sell on average.
- Median rent is about $1K/month with a modest year-over-year uptick.
- National 30-year fixed mortgage rates are still near 6%, which affects affordability and refinancing.
Market snapshot
Realtor.com’s market overview lists a median home price of $198,999 alongside 132 active listings and 77 average days on market. That combination points to a more balanced pace than the fast, low-inventory years, with buyers generally having more time to compare options while sellers may need sharper pricing and presentation.
On the rental side, the same overview lists a $925 median rent across 27 rental properties, reinforcing a near-$1K typical payment level in current listings.
Rates & what to watch
Freddie Mac’s PMMS reported a 6.11% average for a 30-year fixed mortgage for the week ending February 5, 2026. If rates drift lower into spring, watch for faster movement on well-priced listings and more competition on updated, move-in-ready homes.