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Rising Home Values and Ownership Fluctuations: Milledgeville's Unique Housing Market Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Milledgeville, located in Illinois, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Milledgeville has shown a general decline from 2013 to 2018, followed by a recovery trend. In 2013, the homeownership rate stood at 86%, but it decreased to 68% by 2018. However, there has been a resurgence in homeownership since then, with the rate climbing back to 79% in 2022. Interestingly, this trend doesn't always align directly with average home prices. For instance, while homeownership was declining, average home prices actually decreased from $104,308 in 2010 to $89,527 in 2015. This suggests that factors beyond just home prices were influencing ownership rates during this period.
Federal interest rates appear to have played a significant role in homeownership trends in Milledgeville. The period of low interest rates from 2010 to 2016 (ranging from 0.1% to 0.4%) coincided with relatively stable homeownership rates. As interest rates began to rise more sharply from 2017 onwards, reaching 1.83% in 2018, we observed a corresponding decline in homeownership to its lowest point of 68% that year. However, the subsequent drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) aligns with the recovery in homeownership rates, reaching 79% by 2022.
Renter percentages in Milledgeville have generally moved inversely to homeownership rates. The renter population increased from 13% in 2013 to a peak of 32% in 2018, before declining to 21% in 2022. Average rent prices have fluctuated over this period, starting at $668 in 2013, peaking at $731 in 2019, and then decreasing to $631 in 2022. These changes in rent prices don't always correlate directly with renter percentages, suggesting that other factors such as local economic conditions and housing supply also influence rental market dynamics.
In 2023 and 2024, Milledgeville has seen continued growth in average home prices, reaching $125,503 in 2023 and $129,371 in 2024. This represents a significant increase from previous years, indicating a strong housing market. Concurrently, federal interest rates have risen sharply to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and affordability.
Looking ahead, based on recent trends and current market conditions, we can anticipate continued growth in average home prices in Milledgeville over the next five years. If the current trajectory holds, average home prices could potentially reach around $150,000 by 2029. Average rent prices may also see moderate increases, potentially reaching close to $700 per month within the same timeframe, assuming steady demand and economic stability.
In summary, Milledgeville has experienced significant shifts in its housing market over the past decade. The interplay between homeownership rates, average home prices, and federal interest rates has been particularly noteworthy. The recent recovery in homeownership rates, coupled with rising home prices and higher interest rates, suggests a complex and evolving real estate landscape in this Illinois village. As the community continues to grow and adapt, these trends will likely play a crucial role in shaping its future housing market dynamics.
