Loading Content...
Leland, Illinois: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Leland, located in Illinois, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this village.
The homeownership rate in Leland has shown a gradual decline from 2013 to 2022. In 2013, 80% of residents owned their homes, but by 2022, this figure had decreased to 72%. Concurrently, average home prices have demonstrated a steady upward trajectory. In 2013, the average home price was $143,037, which increased to $233,865 by 2022, representing a substantial 63.5% growth over this period.
The relationship between federal interest rates and homeownership rates in Leland follows a somewhat expected pattern. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.38%, homeownership rates experienced only a modest decline from 80% to 72%. This suggests that despite favorable borrowing conditions, other factors were influencing the shift towards renting in the village.
The percentage of renters in Leland has increased from 20% in 2013 to 28% in 2022. This rise in the renter population coincides with a significant increase in average rent prices. In 2013, the average rent was $747, which rose to $1,750 by 2022, marking a 134% increase. The population growth from 1,189 in 2013 to 1,740 in 2022 likely contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, the housing market in Leland continued its upward trend. The average home price reached $236,365 in 2023 and further increased to $252,121 in 2024, representing a 6.7% year-over-year growth. This occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Leland will continue to appreciate over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $300,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially exceeding $2,200 per month within the same timeframe, driven by ongoing population growth and the trend towards renting.
In summary, Leland has experienced a shift towards renting, with homeownership rates declining from 80% to 72% between 2013 and 2022. Despite this trend, both average home prices and average rent prices have seen substantial increases. The village's real estate market has shown resilience in the face of rising interest rates, with continued growth in home values observed in 2023 and 2024. These trends point to a dynamic and evolving housing market in Leland, with implications for both current and future residents.
