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Rising Home Values and Ownership in South Roxana, Illinois: A Decade of Resilient Housing Market
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
South Roxana, located in Illinois, is a small community with a population of 875 as of 2022. This quaint village has experienced interesting shifts in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, South Roxana saw a notable increase in homeownership rates, rising from 70% to 73%. This upward trend in homeownership coincided with fluctuations in average home prices. In 2013, the average home price was $46,308, which increased to $75,705 by 2022, representing a significant 63.5% growth over nine years. The most substantial year-over-year increase occurred between 2018 and 2019, when average home prices jumped from $54,777 to $63,393, a 15.7% rise.
The relationship between federal interest rates and homeownership rates in South Roxana appears to follow the general trend of lower interest rates encouraging homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates held steady at around 64-65%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a slight dip in homeownership to 62%. Interestingly, despite further increases in interest rates, homeownership rates rebounded and continued to climb from 2019 to 2022, possibly due to other local economic factors or housing market conditions.
Renter percentages in South Roxana showed an inverse relationship to homeownership rates, decreasing from 37% in 2017 to 26% in 2022. During this period, average rent prices fluctuated. In 2013, the average rent was $825, which decreased to $763 by 2018. However, rent prices then began to climb again, reaching $828 in 2022. This represents a modest overall increase of 0.36% from 2013 to 2022. The fluctuations in rent prices and renter percentages may be influenced by the village's declining population, which dropped from 961 in 2013 to 875 in 2022.
In 2023, the average home price in South Roxana reached $84,495, a significant 11.6% increase from 2022. This growth continued into 2024, with average home prices rising to $90,882, marking a further 7.6% increase. These substantial price increases occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand or other market factors driving home values upward.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in South Roxana may continue to rise over the next five years, potentially reaching around $110,000 by 2029. This prediction assumes a continuation of the current growth rate and stable economic conditions. For rent prices, if the recent upward trend persists, we might see average rents increase to approximately $900-$950 by 2029. However, these projections could be influenced by various factors such as changes in local economic conditions, population dynamics, and broader housing market trends.
In summary, South Roxana has experienced a notable increase in homeownership rates and average home prices over the past decade, despite fluctuations in federal interest rates. The village has also seen a decrease in renter percentages, coupled with modest growth in average rent prices. The recent significant jumps in home prices in 2023 and 2024, even in the face of rising interest rates, suggest a robust local housing market. These trends point to a potentially continuing appreciation in property values and a preference for homeownership in this Illinois community.
