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Home Values Soar in Compact Riverdale, Illinois
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
Riverdale, Illinois, is a small community spanning just 3.75 square miles, located south of Chicago. This compact urban area has experienced significant shifts in its housing market over the past decade, with notable trends in homeownership rates, average home prices, and average rent prices. The homeownership rate in Riverdale has shown moderate fluctuations between 2013 and 2022. In 2013, 46% of residents owned their homes. This figure increased slightly to 49% in 2014 before dropping to 44% in 2017. By 2022, the homeownership rate had rebounded to 49%. Concurrently, average home prices in Riverdale have experienced a dramatic increase. In 2013, the average home price was $27,092. This figure remained relatively stable until 2016 when it began to rise, reaching $48,002 in 2018. The upward trend continued, with average home prices soaring to $106,032 by 2022, representing a 291% increase from 2013.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period coincided with the gradual increase in average home prices in Riverdale. The low interest rates likely contributed to making home purchases more accessible, despite rising prices. However, the sharp increase in interest rates to 1.68% in 2022 may have influenced the stabilization of the homeownership rate at 49% that year.
Renter occupancy in Riverdale has shown a complementary trend to homeownership. In 2013, 54% of residents were renters. This percentage increased to 56% in 2017 before settling at 51% in 2022. Average rent prices have followed an upward trajectory, rising from $940 in 2013 to $1,318 in 2022, a 40% increase. Notably, the population of Riverdale decreased from 13,952 in 2013 to 10,974 in 2022, which may have influenced the rental market dynamics.
In 2023, average home prices in Riverdale slightly decreased to $103,771, while federal interest rates rose to 5.02%. The 2024 data shows a rebound in average home prices to $106,461, with interest rates further increasing to 5.33%. These high interest rates may impact future homeownership trends and affordability in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Riverdale will continue to rise, potentially reaching around $130,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,600 per month within the same timeframe. These projections assume a continuation of current economic conditions and local market factors.
In summary, Riverdale has experienced a significant increase in both average home prices and average rent prices over the past decade. Homeownership rates have fluctuated but remained relatively stable, while the renter population has slightly decreased. The interplay between federal interest rates, housing prices, and demographic changes will likely continue to shape the housing market in this small Illinois community in the coming years.
