Loading Content...
Average Home Values and Ownership in Mossville, Zip Code 61552: A Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Mossville, situated in zip code 61552 in Illinois, is a small community with a population of 106 as of 2022. This area has experienced notable fluctuations in homeownership rates and average home prices over the past decade, reflecting the dynamic nature of its real estate market. The homeownership rate in Mossville has remained consistently high, ranging from 93% to 98% between 2013 and 2022. This indicates a strong preference for homeownership in the community. Average home prices have shown an upward trend, particularly in recent years. In 2015, the average home price was $75,551, which increased to $95,168 by 2022, representing a 26% growth over seven years. The relationship between federal interest rates and homeownership rates in Mossville doesn't follow the typical inverse correlation often seen in larger markets. Despite fluctuations in interest rates, the homeownership rate remained relatively stable and high. For instance, when interest rates rose from 0.13% in 2015 to 1.83% in 2018, the homeownership rate only decreased slightly from 94% to 93%. This suggests that other local factors may have a stronger influence on homeownership in this small community than national interest rate trends.
Renter percentages in Mossville have been consistently low, ranging from 2% to 6% between 2013 and 2022. The renter population peaked at 6% in 2014 and 2015, coinciding with the period when the overall population was at its highest (121 residents in 2015). Specific average rent price data is not available for this zip code.
Looking at more recent data, the average home price in Mossville continued its upward trajectory, reaching $103,779 in 2023 and further increasing to $109,953 in 2024. This represents a significant 15.5% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over two decades. Despite these high interest rates, the community has maintained its high homeownership rate, highlighting the resilience of the local housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Mossville will continue to rise, albeit at a potentially slower rate due to the current high interest rate environment. Based on the historical data and recent trends, we project that average home prices could reach approximately $125,000 to $130,000 by 2029. However, this growth may be moderated if interest rates remain elevated, potentially affecting affordability and demand.
In summary, Mossville in zip code 61552 demonstrates a robust and stable housing market characterized by consistently high homeownership rates and steadily increasing average home prices. The community has shown resilience in maintaining high homeownership levels despite recent spikes in interest rates. The continued upward trajectory of home prices, even in the face of economic challenges, suggests a strong local demand for housing in this area. As we look to the future, while growth is expected to continue, the rate may be influenced by broader economic factors and interest rate trends.
