Loading Content...
Rising Home Values and Declining Ownership in Farmersville, Illinois: A Decade of Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Farmersville, located in Illinois, is a small community that has experienced notable shifts in its housing market over the past decade. The village has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local dynamics.
The relationship between homeownership rates and average home prices in Farmersville reveals some interesting patterns. In 2013, the homeownership rate was 83%, with average home prices at $99,126. By 2022, the homeownership rate had decreased to 74%, while average home prices had increased to $135,671. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. The most significant drop in homeownership occurred between 2016 and 2017, falling from 82% to 76%, coinciding with a slight decrease in average home prices from $97,942 to $96,711.
Federal interest rates have played a role in shaping homeownership trends in Farmersville. In 2013, when interest rates were at 0.11%, the village had its highest recorded homeownership rate of 83%. As interest rates gradually increased, reaching 1.68% in 2022, homeownership rates declined to 74%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgage financing more affordable.
The rental market in Farmersville has shown its own distinct trends. In 2013, the renter-occupied percentage was 17%, with an average rent of $838. By 2022, the renter percentage had increased to 25%, while the average rent had decreased to $730. This trend suggests that despite a growing proportion of renters, the rental market has become more affordable. The village experienced its highest average rent of $838 in 2013 when the renter percentage was at its lowest, indicating a potential supply and demand dynamic influencing rental prices.
In 2023 and 2024, Farmersville saw continued growth in average home prices, reaching $138,188 in 2023 and $144,367 in 2024. This upward trend occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These figures suggest a resilient housing market in the face of higher borrowing costs.
Looking ahead, predictive models forecast a continued increase in average home prices for Farmersville over the next five years. Based on historical trends and current market conditions, average home prices could potentially reach around $160,000 by 2029. Average rent prices are expected to stabilize, with modest increases potentially bringing the average rent to approximately $775-$800 per month in the same timeframe.
In summary, Farmersville has experienced a gradual decrease in homeownership rates alongside rising average home prices over the past decade. The rental market has grown, with a larger percentage of renters and more affordable average rents. Despite recent increases in federal interest rates, the housing market has shown resilience with continued growth in home values. These trends suggest a dynamic housing market in Farmersville, balancing between homeownership accessibility and rental affordability.
