Loading Content...
Rising Home Values and Ownership in Sorento, 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
Sorento, located in Illinois, is a small community with a population of 870 as of 2022. This charming village has experienced fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in Sorento has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 83%, which increased to 86% by 2022. This rise in homeownership coincided with changes in average home prices. While specific home price data is limited for earlier years, we can observe that the average home price in 2021 was $57,581, which decreased slightly to $56,122 in 2022.
The relationship between federal interest rates and homeownership rates in Sorento aligns with well-established trends. As interest rates remained historically low from 2013 to 2021, ranging from 0.08% to 1.68%, the homeownership rate in the village increased from 83% to 87%. This period of low interest rates likely made homeownership more accessible for many residents due to more affordable financing options.
Rental trends in Sorento have shown some fluctuations. The percentage of renters decreased from 17% in 2013 to 14% in 2022. During this period, average rent prices experienced some variability. In 2013, the average rent was $721, which decreased to $625 in 2015. It then rose to $753 in 2016 before stabilizing around $625 from 2019 to 2021. In 2022, there was a significant increase in average rent to $817, despite a slight decrease in the renter population percentage.
Looking at the most recent data from 2023 and 2024, we see that average home prices in Sorento have continued to fluctuate. In 2023, the average home price decreased to $53,049, but then rose to $54,818 in 2024. This recent uptick in home prices occurs alongside a notable increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Sorento may continue to experience moderate growth, potentially reaching around $60,000 by 2029. Average rent prices are likely to follow a similar upward trajectory, possibly increasing to approximately $900 per month over the same period.
In summary, Sorento has demonstrated resilience in its housing market, with a steady increase in homeownership rates despite fluctuations in home prices. The rental market has shown sensitivity to economic factors, with recent significant increases in average rent. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the local real estate landscape, with recent data suggesting a period of adjustment as interest rates rise and home prices show signs of recovery.
