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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Dundee, located in Illinois, is a small community with a population of 5,426 as of 2022. This village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in East Dundee has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 76%, but it declined to 66% by 2015. However, there was a recovery in subsequent years, with the rate reaching 73% in 2019 and stabilizing around 71-72% in recent years. This trend aligns with changes in average home prices, which have shown consistent growth. The average home price in East Dundee increased from $145,082 in 2013 to $246,221 in 2022, representing a significant 69.7% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in East Dundee. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, homeownership rates fluctuated but remained relatively high. As interest rates began to rise from 2017 onwards, reaching 2.16% in 2019, there was a corresponding increase in homeownership rates from 67% in 2016 to 73% in 2019. This suggests that residents may have been motivated to purchase homes before interest rates climbed further.
Renter percentages in East Dundee have inversely mirrored homeownership trends. The renter population peaked at 34% in 2015 when homeownership was at its lowest. Since then, the renter percentage has generally decreased, settling at 29% in 2022. Average rent prices have shown an overall upward trend, increasing from $1,147 in 2013 to $1,292 in 2022, a 12.6% rise. However, rent prices peaked at $1,393 in 2018 before slightly declining in subsequent years.
In 2023 and 2024, East Dundee has continued to see growth in average home prices. The average home price reached $259,926 in 2023 and further increased to $272,054 in 2024. This represents a 5.5% year-over-year increase from 2022 to 2023 and a 4.7% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the area.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in East Dundee to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices may also see modest increases, driven by overall housing market appreciation and potential shifts in housing preferences.
In summary, East Dundee has maintained a strong homeownership base despite fluctuations in the housing market. The community has seen substantial appreciation in home values over the past decade, with recent years showing continued growth. While renter percentages have decreased slightly, rent prices have generally trended upwards, reflecting the overall strength of the local housing market. The interplay between federal interest rates, homeownership rates, and housing prices will likely continue to shape the real estate landscape in East Dundee in the coming years.