Loading Content...
Home Values and Ownership Rise in Jacksonville, Illinois: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Jacksonville, Illinois, a city with a rich history dating back to 1825, is located in the heart of the state. Known for its beautiful architecture and as the home of Illinois College, Jacksonville has experienced notable shifts in its housing market over the past decade. The city has seen a gradual increase in homeownership rates, coupled with fluctuating average home prices and rent costs, reflecting the dynamic nature of its real estate landscape.
From 2013 to 2022, Jacksonville witnessed a modest increase in homeownership rates, rising from 60% to 64%. This trend coincided with changes in average home prices, which saw overall growth despite some fluctuations. In 2013, the average home price was $91,384, and by 2022, it had risen to $114,450, marking a 25.2% increase over the decade. This upward trajectory in both homeownership and home values suggests a growing preference for property ownership in Jacksonville.
The relationship between federal interest rates and homeownership rates in Jacksonville presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates only increased marginally. However, as interest rates began to rise more significantly in 2022 to 1.68%, homeownership remained stable at 64%. This suggests that while low interest rates may have contributed to the gradual increase in homeownership, other local factors also played a significant role in Jacksonville's housing market trends.
Renter percentages in Jacksonville have shown a corresponding decline as homeownership increased, dropping from 40% in 2013 to 36% in 2022. Interestingly, average rent prices have experienced more volatility than home prices. In 2013, the average rent was $700, peaking at $754 in 2019 before decreasing to $720 in 2022. This 2.9% increase in average rent over the decade, coupled with the declining renter population, indicates a shifting preference towards homeownership in the city.
The years 2023 and 2024 have seen continued growth in Jacksonville's housing market. Average home prices rose to $119,234 in 2023 and further increased to $126,740 in 2024, representing a substantial 10.7% jump from 2022 levels. This growth occurred despite the sharp rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in Jacksonville's housing market.
Looking ahead, predictive models suggest a continuation of the upward trend in average home prices for Jacksonville over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $140,000 to $150,000 by 2029. Average rent prices are also expected to increase moderately, potentially reaching $780 to $800 per month in the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Jacksonville's housing market has demonstrated resilience and growth over the past decade. The city has experienced a steady increase in homeownership rates, rising average home prices, and fluctuating but overall increasing rent costs. The recent surge in home values, despite rising interest rates, indicates strong demand in the local real estate market. These trends, combined with Jacksonville's historical charm and educational institutions, paint a picture of a city with an evolving and potentially promising housing market for both homeowners and investors.
