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Indian Creek, Illinois: Rising Home Values Amid Homeownership Decline
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
Indian Creek, Illinois: A Small Community with Rising Property Values Indian Creek, located in Illinois, is a small community with a population of 1,499 as of 2022. This village has experienced fluctuations in its homeownership rates and housing market over the past decade, reflecting broader economic trends and local dynamics.
The homeownership rate in Indian Creek has remained relatively stable, hovering around 64% for much of the 2010s. However, there have been some notable shifts in average home prices during this period. In 2010, the average home price was $352,791, which dropped to $321,176 in 2012 before steadily climbing to $460,925 by 2022. This represents a significant 43.5% increase in average home prices over the 12-year period.
The relationship between federal interest rates and homeownership rates in Indian Creek follows a general trend seen across the country. When interest rates were at historic lows between 2013 and 2021, ranging from 0.08% to 0.4%, the homeownership rate in the village remained relatively stable, between 61% and 66%. This stability in homeownership during a period of low interest rates suggests that other factors, such as local economic conditions or housing supply, may have played a significant role in the village's housing market dynamics.
Renter percentages in Indian Creek have fluctuated between 34% and 39% from 2013 to 2022. Average rent prices have shown a steady increase during this period, rising from $1,684 in 2013 to $1,832 in 2022, representing an 8.8% increase. This upward trend in rent prices occurred despite the relatively stable renter population, suggesting a combination of factors such as increased housing demand, improved rental property quality, or broader economic growth in the area.
In 2023, the average home price in Indian Creek reached $498,121, representing a significant 8.1% increase from the previous year. This upward trend continued into 2024, with average home prices reaching $522,078, a further 4.8% increase. Federal interest rates also rose sharply during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically dampen home buying activity, the village's housing market has continued to appreciate, indicating strong local demand or limited housing supply.
Looking ahead, predictive models suggest that average home prices in Indian Creek may continue to rise over the next five years, albeit at a potentially slower rate due to the higher interest rate environment. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of the local real estate market.
In summary, Indian Creek has demonstrated a resilient housing market with steadily increasing average home prices and rent values over the past decade. The stability in homeownership rates, coupled with rising property values, suggests a strong local economy and desirable living conditions. As the village moves forward, balancing housing affordability with market growth will likely be a key consideration for local policymakers and residents alike.
