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Dieterich, Illinois: Home Values Double Amid Shifting Ownership Trends
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
Dieterich, located in Illinois, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Dieterich has shown a gradual decline from 2013 to 2022. In 2013, 86% of residents owned their homes, while by 2022, this figure had decreased to 83%. Despite this slight decline in homeownership, average home prices have consistently increased over the same period. In 2013, the average home price was $132,772, and by 2022, it had risen to $204,628, representing a substantial 54% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Dieterich. From 2013 to 2016, interest rates remained exceptionally low, ranging from 0.11% to 0.4%. During this period, homeownership rates remained relatively stable, hovering around 88-90%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, dropping to 83% by 2022.
The rental market in Dieterich has also seen notable changes. The percentage of renters increased from 14% in 2013 to 17% in 2022. Interestingly, average rent prices have not followed a consistent upward trend like home prices. In 2013, the average rent was $659, peaking at $925 in 2018 before declining to $616 in 2022. This fluctuation in rent prices could be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, Dieterich continued to see growth in average home prices. The average home price reached $211,553 in 2023 and further increased to $215,633 in 2024. This represents a 5.3% increase from 2022 to 2024. Notably, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the village.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for Dieterich. Average home prices are likely to continue their upward trajectory, potentially reaching around $250,000 by 2029. However, the rate of increase may slow down due to higher interest rates. Average rent prices, which have shown more volatility, may stabilize and gradually increase to around $700-$750 per month over the next five years, assuming local economic conditions remain favorable.
In summary, Dieterich has experienced a gradual shift towards more renters, with homeownership rates declining slightly over the past decade. Despite this, average home prices have shown robust growth, nearly doubling from 2013 to 2024. The rental market has been more volatile, with fluctuating average rent prices. The recent sharp increase in federal interest rates may continue to influence homeownership trends and housing affordability in the coming years.
