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Homer Glen: Suburban Charm Drives Rising Home Values and Stable Ownership
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
Homer Glen, located in Illinois, is a suburban community known for its blend of residential areas and natural spaces. The city has maintained a consistently high rate of homeownership over the years, with average home prices showing a general upward trend and average rent prices fluctuating.
Homeownership in Homer Glen has remained remarkably stable, with the percentage of owner-occupied homes consistently hovering around 93-94% from 2013 to 2022. This high rate of ownership coincides with a steady increase in average home prices. In 2013, the average home price was $288,223, which grew to $432,330 by 2022, representing a substantial 50% increase over this period. The most significant annual jump occurred between 2020 and 2021, when average home prices rose from $357,075 to $390,912, a 9.5% increase in a single year.
The federal interest rates have played a role in shaping homeownership trends in Homer Glen. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership remained stable at 93-94%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates still held steady, indicating the strong desire for homeownership in this community despite changing financial conditions.
The percentage of renters in Homer Glen has shown a slight upward trend, increasing from 4% in 2013 to 7% in 2022. This gradual rise in renters coincides with fluctuations in average rent prices. In 2013, the average rent was $1,774, which peaked at $1,879 in 2017 before settling at $1,773 in 2022. Despite these fluctuations, the overall trend shows a marginal decrease in average rent prices over this period, which may have contributed to the slight increase in the renter population.
Looking at the most recent data, average home prices in Homer Glen continued to rise, reaching $450,630 in 2023 and further increasing to $469,118 in 2024. This represents a 4.2% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and home price growth.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Homer Glen to continue their upward trajectory, potentially reaching around $550,000 by 2029. Average rent prices are likely to stabilize and potentially increase slightly, possibly reaching approximately $1,900 per month in the same timeframe.
In summary, Homer Glen has demonstrated a strong preference for homeownership, maintaining high rates despite fluctuations in home prices and interest rates. The slight increase in renters, coupled with relatively stable rent prices, suggests a growing demand for rental properties, albeit on a small scale. The continued rise in home prices, even in the face of higher interest rates, indicates a robust and desirable housing market in this Illinois community.
