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Beecher, Illinois: A Decade of Rising Home Values Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beecher, Illinois, is a small but growing community located in Will County. With a population of 5,587 in 2022 and covering an area of 2.74 square miles, this village has experienced notable changes in homeownership rates and housing prices over the past decade. Homeownership in Beecher has remained relatively stable, with a slight upward trend from 2013 to 2018, followed by a minor decline. In 2013, the homeownership rate was 79%, which increased to a peak of 85% in 2018. By 2022, it had settled at 81%. During this period, average home prices in Beecher showed a consistent upward trajectory. In 2013, the average home price was $163,659, which rose to $194,567 by 2018, representing a 19% increase over five years. This trend continued, with the average home price reaching $260,856 in 2022, marking a significant 59% increase from 2013.
The relationship between federal interest rates and homeownership rates in Beecher shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates increased from 79% to 81%. However, as interest rates began to rise more sharply from 2017 onwards, homeownership rates initially continued to climb, reaching 85% in 2018, before starting to decline slightly. This suggests that while interest rates play a role, other local factors also influence homeownership trends in Beecher.
Renter percentages in Beecher have fluctuated inversely to homeownership rates, as expected. The percentage of renters decreased from 21% in 2013 to a low of 15% in 2018, before rising again to 19% in 2022. Interestingly, average rent prices have not shown a consistent correlation with these changes. In 2013, the average rent was $1,029, which remained relatively stable until 2018 when it peaked at $1,063. Since then, average rent has declined, reaching $932 in 2022, despite a slight increase in the renter population. This trend might be influenced by the overall population growth in Beecher, which increased from 5,455 in 2013 to 5,587 in 2022, potentially affecting housing supply and demand dynamics.
In 2023 and 2024, Beecher has seen continued growth in average home prices. The average home price reached $270,570 in 2023 and further increased to $283,218 in 2024, representing a 3.7% and 4.7% year-over-year increase, respectively. This growth occurred despite the significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in Beecher.
Looking ahead, based on the historical trends and recent data, we can forecast that average home prices in Beecher are likely to continue their upward trajectory over the next five years, albeit possibly at a more moderate pace due to higher interest rates. Average rent prices, which have shown a slight downward trend in recent years, may stabilize or see modest increases as the renter population potentially grows. However, these projections could be influenced by broader economic factors and local development initiatives.
In summary, Beecher has maintained a high rate of homeownership while experiencing significant growth in average home prices over the past decade. The community has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. The rental market has seen more fluctuation, with recent trends suggesting a potential shift towards more affordable rent prices. These patterns reflect the dynamic nature of Beecher's housing market and its ability to adapt to changing economic conditions.
