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Greenview, Illinois: Home Values and Ownership Trends in a Rural Community
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
Greenview, Illinois, is a small community with a population that has fluctuated between 795 and 992 residents over the past decade. This rural village has maintained a relatively high rate of homeownership, typically ranging from 76% to 82%. The average home prices and average rent in Greenview have shown interesting patterns, with home values generally increasing and rent prices displaying more variability.
The relationship between homeownership rates and average home prices in Greenview reveals some notable trends. In 2016, when the average home price was $107,053, the homeownership rate stood at 80%. As average home prices dipped to $101,495 in 2017, the homeownership rate remained steady at 80%. Interestingly, when average home prices peaked at $116,400 in 2020, the homeownership rate slightly decreased to 79%. This suggests that rising home prices may have made homeownership slightly less attainable for some residents.
Federal interest rates have played a role in homeownership trends in Greenview. From 2016 to 2019, as interest rates gradually increased from 0.4% to 2.16%, homeownership rates remained relatively stable between 80% and 81%. However, when interest rates dropped sharply to 0.38% in 2020 and further to 0.08% in 2021, there was a slight decline in homeownership to 77% by 2021. This counterintuitive trend might be explained by other local economic factors outweighing the impact of low interest rates.
Renter percentages and average rent prices in Greenview have shown some correlation. In 2013, with 24% of residents renting, the average rent was $666. As the renter percentage decreased to 18% in 2015, average rent marginally increased to $668. A notable spike occurred in 2018, with average rent reaching $742 while the renter percentage was 19%. However, by 2021, as the renter percentage increased to 23%, average rent dropped significantly to $573, possibly indicating a surplus of rental properties or economic challenges in the area.
Looking at the most recent data, the average home price in Greenview was $108,809 in 2023 and increased to $114,351 in 2024. This represents a 5.1% increase in home values. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, indicating a tightening monetary policy environment.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Greenview to continue a moderate upward trajectory, potentially reaching around $125,000 by 2029. Average rent prices, which have been more volatile, are expected to stabilize and gradually increase, possibly reaching $700 per month in the same timeframe.
In summary, Greenview has maintained a high rate of homeownership despite fluctuations in average home prices and interest rates. The inverse relationship between homeownership rates and home prices suggests affordability challenges as values increase. Rent prices have shown more volatility, influenced by the changing proportion of renters in the community. The recent uptick in both home prices and interest rates indicates a dynamic housing market that residents and potential investors should monitor closely.
