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Oglesby, Illinois: Rising Home Values Amidst Stable Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Oglesby, Illinois, a small city in LaSalle County, has demonstrated a resilient housing market over the past decade. With a population of 4,169 in 2022 and an area of 4.99 square miles, Oglesby maintains a close-knit community atmosphere while experiencing notable trends in homeownership and housing prices. The city has seen a general increase in average home values alongside relatively stable ownership percentages from 2013 to 2022.
The homeownership rate in Oglesby has remained consistently high, averaging around 78% from 2013 to 2022. During this period, average home prices showed an overall upward trend, increasing from $92,415 in 2013 to $127,834 in 2022, representing a 38.3% rise over nine years. This significant growth in home values did not substantially impact homeownership rates, indicating that Oglesby residents maintained their ability to purchase homes despite rising prices.
Federal interest rates have influenced homeownership trends in Oglesby. From 2013 to 2016, when interest rates were historically low (0.11% to 0.4%), homeownership rates remained stable at 78-80%. As interest rates rose more sharply from 2017 (1%) to 2019 (2.16%), there was a brief dip in homeownership to 76% in 2017, but it quickly recovered to 78% by 2019. This resilience in homeownership rates despite rising interest rates suggests a strong local housing market and consistent demand for owner-occupied properties in Oglesby.
Renter percentages in Oglesby fluctuated between 19% and 24% from 2013 to 2022, inversely mirroring the homeownership rates. Average rent prices showed an overall increasing trend during this period, rising from $597 in 2013 to $636 in 2022, with some fluctuations in between. A significant jump in average rent to $743 occurred in 2019, coinciding with a peak in the city's population of 4,288 residents, suggesting that increased housing demand may have temporarily driven up rental prices.
In 2023, the average home price in Oglesby reached $134,578, continuing the upward trend observed in previous years. This represented a 5.3% increase from 2022. The federal interest rate for 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price further increased to $144,191, marking a 7.1% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued trend of higher borrowing costs for homebuyers.
Looking ahead, based on the historical data and current trends, average home prices in Oglesby are likely to continue their upward trajectory over the next five years. Assuming a similar growth rate to recent years, average home prices could potentially reach around $170,000 to $180,000 by 2029. Rent prices may also continue to increase, albeit at a more modest pace, potentially reaching an average of $700 to $750 per month in the same timeframe.
In summary, Oglesby's housing market has demonstrated resilience and growth over the past decade. The city has maintained a high rate of homeownership despite rising home prices and fluctuating interest rates. The rental market has shown moderate growth in prices, with some volatility likely influenced by population changes. As Oglesby moves forward, the continued increase in home values and steady ownership rates suggest a stable and attractive housing market for both homeowners and investors.
