62294 — Madison County, Illinois Market Snapshot
Housing market data for zip code 62294 in Madison County, Illinois. Updated monthly with median prices, days on market, and more.
Market Sales Data
50 sales in 2026 (year to date)
Median Sale Price
$370,000
Days to Sell
49
Homes Sold
50
Inventory
29
Sale-to-List
99.2%
New Listings
46
Price/SqFt
$176
Pending Sales
N/A
Conforming Loan Available
Most homebuyers in 62294 can comfortably use conventional financing. The median home price of $370,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
62294's market is balanced with homes taking an average of 49 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
Homes are selling very close to asking price in 62294 (99.2% sale-to-list ratio), indicating accurate pricing by sellers and steady demand.
Conforming Loan Feasibility
Most homebuyers in 62294 can comfortably use conventional financing. The median home price of $370,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 62294 are set at the county level.
2026 Loan Limits — Madison County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $541,287 |
| 2 Units | $1,066,250 | $693,050 |
| 3 Units | $1,288,800 | $837,700 |
| 4 Units | $1,601,750 | $1,041,125 |
Affordability Snapshot — Zip 62294
To purchase the median home at $370,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $2,985.
Monthly Payment
$2,985
Income Required
$127,921
Principal & Interest
$2,280/mo
Down Payment (5%)
$18,500
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 62294.
Estimated Monthly Payment
$2,440
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