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Cortland, Illinois: Rising Home Values and Shifting Ownership Trends in a Small Town
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
Cortland, located in Illinois, is a small community that has experienced notable demographic and housing market changes over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Cortland, revealing interesting patterns in its real estate landscape. The homeownership rate in Cortland has shown a slight decline over the years, moving from 82% in 2013 to 77% in 2022. During this same period, average home prices have demonstrated a consistent upward trend. In 2013, the average home price in Cortland was $117,757, which steadily increased to $221,796 by 2022, representing an impressive 88% growth over nine years.
The relationship between federal interest rates and homeownership rates in Cortland presents an interesting dynamic. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), homeownership rates in Cortland actually decreased slightly. This suggests that other local factors may have had a stronger influence on homeownership than national interest rates during this period.
Renter percentages in Cortland have increased modestly from 18% in 2013 to 23% in 2022, correlating with a rise in average rent prices. The average rent in Cortland grew from $1,207 in 2013 to $1,335 in 2022, an increase of approximately 11% over nine years. This growth in the rental market, though less dramatic than the housing market, indicates a steady demand for rental properties in the area.
Looking at the most recent data, the average home price in Cortland reached $240,791 in 2023 and further increased to $261,438 in 2024. This represents a significant jump of 17.9% from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the previous years.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home and rent prices in Cortland. Based on historical data and current market conditions, average home prices could potentially reach around $300,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, possibly exceeding $1,500 per month within the same timeframe.
In summary, Cortland has experienced a gradual shift towards a slightly higher percentage of renters, coupled with substantial growth in both home values and rent prices. The resilience of the housing market, even in the face of rising interest rates, suggests a strong local demand for housing. These trends indicate a dynamic real estate market in Cortland, with potential opportunities for both homeowners and investors in the coming years.
