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Rising Home Values and Ownership in Odell, Illinois: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Odell, located in Illinois, is a small community that has experienced significant demographic shifts and housing market changes over the past decade. The town has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
From 2013 to 2022, Odell saw a notable increase in homeownership rates, rising from 77% to 80%. This trend coincided with fluctuations in average home prices. In 2013, the average home price was $102,770, which decreased to $99,367 in 2015 before rebounding and steadily increasing to $136,689 by 2022. This represents a 33% increase in average home prices over the nine-year period, despite some initial declines.
The relationship between federal interest rates and homeownership rates in Odell appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.40%), homeownership rates in Odell remained relatively stable around 70-77%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in Odell actually increased to 80%, suggesting other local factors may have influenced this trend.
Regarding rental trends, the percentage of renters in Odell decreased from 23% in 2013 to 20% in 2022. During this period, average rent prices showed an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $704, which increased to $909 by 2019, representing a 29% rise. However, there was a slight decline to $785 in 2021 before a significant jump to $1,030 in 2022, marking a 31% increase in just one year. This sharp increase in rent prices coincided with a decrease in the renter population, potentially indicating a shift towards homeownership or outmigration of renters.
In 2023 and 2024, Odell continued to see growth in average home prices. The average home price reached $141,236 in 2023 and further increased to $149,505 in 2024, representing a 5.9% year-over-year increase. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Odell are likely to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 5%, average home prices could reach approximately $190,000 by 2029. For rent prices, if the recent sharp increase stabilizes and follows a more moderate growth pattern of 3% annually, average rents could approach $1,200 per month by 2029.
In summary, Odell has experienced a trend towards increased homeownership, rising average home prices, and fluctuating but generally increasing average rent prices over the past decade. The town has shown resilience in its housing market, with home prices continuing to rise even in the face of increasing interest rates. These trends suggest a potentially growing demand for housing in the area, which could be driven by local economic factors or changes in the community's appeal to residents and investors.
