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Quincy's Housing Market: Resilient Homeownership Amidst Rising Prices in Historic Mississippi River City
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
Quincy, Illinois, a historic city along the Mississippi River known for its rich architectural heritage and vibrant cultural scene, has experienced interesting shifts in homeownership and housing prices over the past decade. The ownership percentage has remained relatively stable, while average home prices have shown a steady upward trend. Average rent prices have also increased, albeit with some fluctuations.
From 2013 to 2022, Quincy's homeownership rate remained relatively steady, with a slight increase from 67% to 68%. During this same period, average home prices in Quincy saw a significant rise. In 2013, the average home price was $117,048, which increased to $159,287 by 2022, representing a 36% increase over nine years. This trend suggests that despite rising home prices, Quincy residents have maintained a strong inclination towards homeownership.
Federal interest rates have played a role in shaping homeownership trends in Quincy. From 2013 to 2016, when interest rates were at historic lows (ranging from 0.11% to 0.40%), the homeownership rate in Quincy remained stable at 67%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), Quincy actually saw a slight increase in homeownership to 68%, which has been maintained through 2022 despite further interest rate fluctuations.
Renter percentages in Quincy have mirrored the homeownership trends, remaining relatively stable. In 2013, 31% of Quincy residents were renters, which increased slightly to 33% by 2015 and remained at that level until 2018. From 2019 to 2022, the renter percentage decreased slightly to 32%. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $729, which increased to $874 by 2021, representing a 20% increase. However, there was a slight decrease to $817 in 2022. These trends occurred while Quincy's population decreased from 49,630 in 2013 to 48,143 in 2022, suggesting that despite a shrinking population, demand for rental properties remained relatively strong.
In 2023 and 2024, Quincy's housing market continued to evolve. The average home price reached $166,997 in 2023, marking a 4.8% increase from 2022. However, in 2024, there was a slight decrease to $163,689. This coincided with a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in home prices observed in 2024.
Looking ahead, based on historical trends and current market conditions, we can project some potential scenarios for Quincy's housing market over the next five years. Average home prices are likely to continue their overall upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $175,000 to $180,000 by 2029. Average rent prices are also expected to increase, potentially reaching $900 to $950 per month by 2029, assuming the current economic conditions and population trends persist.
In summary, Quincy's housing market has demonstrated resilience and steady growth over the past decade. The city has maintained a stable homeownership rate despite rising home prices, indicating a strong preference for homeownership among residents. Rental markets have also shown strength, with increasing average rents despite a slight population decline. As Quincy moves forward, it will be important to monitor how these trends evolve, particularly in light of changing interest rates and economic conditions.
