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Huntley, Illinois: Consistent Homeownership and Rising Home Values
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
Huntley, located in Illinois, is a growing community with a population that has steadily increased over the past decade. The village has experienced significant changes in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate market.
Homeownership rates in Huntley have remained consistently high, although there has been a slight decline in recent years. In 2013, the homeownership rate was 92%, which gradually decreased to 88% by 2020. However, it rebounded to 90% in 2022. This trend coincides with fluctuations in average home prices. The average home price in Huntley has shown a strong upward trend, rising from $224,823 in 2010 to $359,566 in 2022, representing a significant increase of 60% over this period.
The relationship between federal interest rates and homeownership rates in Huntley shows an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates slightly declined during this period. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant impact on homeownership in the village than interest rates alone.
Renter percentages in Huntley have shown a gradual increase over time, rising from 5% in 2013 to 10% in 2022. This trend coincides with an increase in average rent prices. The average rent in Huntley rose from $1,555 in 2013 to $1,527 in 2022, representing a modest increase of about 2% over this period. The population growth from 25,881 in 2013 to 29,668 in 2022 may have contributed to the increased demand for rental properties, supporting both the rise in renter percentages and average rent prices.
In 2023 and 2024, Huntley continued to see growth in average home prices. The average home price reached $372,508 in 2023 and further increased to $386,882 in 2024, representing a 3.6% and 3.8% year-over-year growth, respectively. These increases occurred despite rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, suggesting a strong local housing market that has been resilient to higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Huntley:
Average home prices are likely to continue their upward trajectory, potentially reaching around $450,000 by 2029, assuming a conservative annual growth rate of 3-4%. Average rent prices may see moderate increases, potentially reaching $1,700-$1,800 per month by 2029, based on historical trends and accounting for inflation.
In summary, Huntley has demonstrated a robust housing market with consistently high homeownership rates and steadily increasing average home prices. The slight increase in renter percentages and modest growth in average rent prices suggest a growing demand for rental properties, possibly driven by population growth. The village's real estate market has shown resilience in the face of rising interest rates, indicating strong local economic factors supporting housing demand.
