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Rising Home Values and Ownership Fluctuations in Campbell Hill, Illinois: A Decade of Housing Market Dynamics
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
Campbell Hill, located in Illinois, has experienced notable fluctuations in its population and housing market over the past decade. This small community saw its population peak at 1,016 residents in 2016, before settling at 924 in 2022. The village has historically maintained a high rate of homeownership, though this has shown some variability in recent years. Average home prices and rent have also demonstrated interesting trends, reflecting the changing dynamics of the local real estate market.
The homeownership rate in Campbell Hill has shown a general decline from 2013 to 2019, followed by a slight recovery. In 2013, the homeownership rate stood at an impressive 94%, but it decreased to 79% by 2019. This trend coincided with fluctuations in average home prices. Although home price data is not available for the earlier years, we can observe that from 2016 to 2019, average home prices decreased from $91,868 to $77,057. This decrease in home prices did not immediately correlate with an increase in homeownership, suggesting other factors were at play in the local market.
Federal interest rates may have played a role in homeownership trends in Campbell Hill. From 2013 to 2015, interest rates remained very low, below 0.15%, which typically encourages homeownership. However, the village saw a decline in homeownership during this period. As interest rates began to rise from 2016 onwards, reaching 2.16% in 2019, the homeownership rate continued to decline. Interestingly, as interest rates dropped dramatically in 2020 to 0.38%, homeownership began to recover, rising from 79% in 2019 to 82% in 2020 and further to 86% in 2021.
The rental market in Campbell Hill has shown an inverse relationship to homeownership trends. As the percentage of renters increased from 6% in 2013 to 21% in 2019, average rent prices also saw an overall increase. The average rent rose from $490 in 2013 to $574 in 2019, with some fluctuations in between. The peak average rent of $651 was observed in 2018 when the renter population was at 14%. The increase in rental prices and the proportion of renters could be attributed to the growing population during this period, which may have increased demand for rental properties.
In 2023 and 2024, Campbell Hill experienced a continued upward trend in average home prices. The average home price reached $127,589 in 2023 and further increased to $129,757 in 2024. This represents a significant rise from the $115,266 average in 2022. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.
Looking ahead, based on the recent trends and current market conditions, we can project that average home prices in Campbell Hill may continue to rise moderately over the next five years, potentially reaching around $145,000 by 2029. However, this growth rate might slow down if interest rates remain high, potentially affecting affordability. As for rent prices, if the current pattern persists, we could see average rents increase to approximately $700 per month by 2029, assuming steady population growth and continued demand for rental properties.
In summary, Campbell Hill has experienced significant shifts in its housing market over the past decade. The community has maintained a high rate of homeownership despite fluctuations, while also seeing growth in its rental market. The interplay between home prices, rent prices, and federal interest rates has shaped these trends, with recent years showing a recovery in homeownership rates alongside rising property values. As the village moves forward, it will likely continue to see gradual increases in both home values and rental prices, reflective of broader economic trends and local market dynamics.
