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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.



Manhattan, 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

Manhattan, IL Housing Market Trends

With 10,340 people, 3,188 houses or apartments, and a median cost of homes of $448,451, Manhattan real estate is some of the most expensive in Illinois, although Manhattan home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Manhattan, accounting for 71.29% of the village's housing units. Other types of housing that are prevalent in Manhattan include row houses and other attached homes ( 20.81%), large apartment complexes or high rise apartments ( 3.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.42%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Manhattan. Owner-occupied housing accounts for 90.07% of Manhattan's homes, and 75.41% have either three or four bedrooms, which is average sized relative to America.

Manhattan homes and real estate are some of the newest in America. 62.17% of Manhattan's housing was built since 2000, making the village have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Manhattan real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 19.26%), and between 1940-1969 ( 10.24%). There's also some housing in Manhattan built before 1939 ( 8.33%).

Manhattan Home Appreciation Rates

Manhattan's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Manhattan during the period has been just 5.08%, which is lower than 70% of US communities.

Over the last year, Manhattan appreciation rates have trailed the rest of the nation. In the last twelve months, Manhattan's appreciation rate has been 4.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Manhattan were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Manhattan's latest annual appreciation rate is higher than 60% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$448,451

Manhattan, IL Home Prices
> $1,270,000
$953,001 - $1,270,000
$635,001 - $953,000
$508,001 - $635,000
$381,001 - $508,000
$254,001 - $381,000
$127,001 - $254,000
$63,001 - $127,000
$0 - $63,000
0.4%
0.4%
0.6%
0.6%
9.4%
9.4%
16.5%
16.5%
28.6%
28.6%
30.6%
30.6%
11.2%
11.2%
0.8%
0.8%
1.9%
1.9%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

3,188

Manhattan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,543 / per month

Homeownership Rate

Owners
Renters
90.1%
90.1%
9.9%
9.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.5%
3.5%
96.5%
96.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
62.2%
62.2%
19.3%
19.3%
10.2%
10.2%
8.3%
8.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.3%
71.3%
20.8%
20.8%
2.4%
2.4%
3.9%
3.9%
1.6%
1.6%
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
0.0%
0.0%
3.5%
3.5%
17.8%
17.8%
42.2%
42.2%
33.2%
33.2%
3.2%
3.2%
0% 100.0%
% of Homes