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Mount Carroll's Resilient Housing Market: High Ownership Rates Amid Price 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
Mount Carroll, Illinois, a small city with a rich history, has experienced notable shifts in homeownership rates and housing prices over the past decade. The ownership percentage has generally remained high, averaging around 80%, while average home prices and average rent have shown varying trends. The homeownership rate in Mount Carroll has fluctuated between 76% and 82% from 2013 to 2022. Interestingly, the average home prices have not always correlated directly with these ownership rates. For instance, in 2015, when homeownership peaked at 82%, the average home price was at a low of $87,819. Conversely, in 2022, with a homeownership rate of 76%, the average home price reached $124,067, a significant increase from previous years. This suggests that factors beyond home prices, such as local economic conditions or demographic shifts, may influence homeownership rates in the city.
Federal interest rates have played a role in homeownership trends in Mount Carroll. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates remained relatively stable, between 76% and 82%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally remained high. This resilience in homeownership despite rising interest rates could indicate strong local factors supporting home buying in Mount Carroll.
Renter percentages in Mount Carroll have inversely mirrored homeownership rates, ranging from 18% to 24% between 2013 and 2022. Average rent prices have shown significant volatility during this period. In 2013, the average rent was $573, which increased to $620 in 2014. However, there was a dramatic drop to $316 in 2016, followed by a steady increase to $725 in 2022. This rent volatility doesn't seem to correlate strongly with the renter percentage, suggesting that other factors, such as local economic conditions or housing supply, may be influencing rent prices more significantly than demand from renters.
In 2023 and 2024, Mount Carroll saw continued growth in average home prices. The average home price in 2023 was $129,295, and in 2024 it further increased to $130,953. This upward trend occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the trends observed, we can predict that average home prices in Mount Carroll may continue to rise moderately over the next five years, potentially reaching around $145,000 by 2029. Average rent prices might also see a steady increase, potentially reaching $850-$900 by 2029. However, these predictions assume stable economic conditions and no major local or national disruptions.
In summary, Mount Carroll has maintained a high homeownership rate despite fluctuations in average home prices and interest rates. The rental market has shown significant volatility in pricing, which doesn't always align with changes in the renter population percentage. The city's housing market has demonstrated resilience, with home prices continuing to rise even in the face of increasing interest rates in recent years.
