Loading Content...
Keyesport: Home Values Rise Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Keyesport, located in Illinois, is a small community with a rich history and a dynamic real estate market. Over the past decade, the village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Keyesport has shown notable variability over the years. In 2013, 86% of residents owned their homes, which increased to a peak of 95% in 2019. However, by 2022, this figure had decreased to 87%. Despite these fluctuations, Keyesport has maintained a high rate of homeownership throughout the observed period. Concurrently, average home prices have shown a general upward trend. In 2010, the average home price was $64,339, which increased to $92,559 by 2022, representing a significant 43.9% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Keyesport appears to follow expected patterns. For instance, when interest rates were historically low between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained high, fluctuating between 82% and 87%. As interest rates began to rise more significantly from 2017 onwards, there was some volatility in homeownership rates, though they generally remained high.
Renter percentages in Keyesport have inversely mirrored homeownership rates, as expected. The percentage of renters reached a high of 18% in 2014 when the average rent was $556 per month. Interestingly, as the renter percentage decreased to 5% in 2019, the average rent increased to $587, suggesting that reduced supply may have driven up rental prices. By 2022, the renter percentage had increased slightly to 13%, with the average rent at $579 per month.
In 2023, the average home price in Keyesport slightly decreased to $91,665, a 1% drop from the previous year. However, in 2024, prices rebounded to $92,757, surpassing the 2022 level. This recent uptick occurs against a backdrop of higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting buyers' purchasing power.
Looking ahead, predictive models suggest that average home prices in Keyesport may continue their overall upward trajectory, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach the $100,000 mark, representing a roughly 8-10% increase from 2024 levels. Average rent prices are also expected to see modest increases, potentially reaching around $650-$700 per month by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Keyesport has maintained a strong homeownership culture despite fluctuations in the housing market. The community has seen substantial growth in average home values over the past decade, with recent data showing resilience in the face of rising interest rates. While rental rates have remained relatively stable, they may see gradual increases in the coming years. These trends indicate a robust and evolving real estate market in Keyesport, balancing homeownership opportunities with rental options for its residents.
