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Rising Home Values and Ownership Trends in Rabbittown, Danville: A Decade of Housing Market Evolution
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
Rabbittown, a neighborhood in Danville, Illinois, has experienced notable shifts in its housing landscape over the past decade. This area has seen fluctuating homeownership rates, with a general trend towards increased owner-occupancy in recent years. The average home prices have shown a steady increase, while average rent prices have displayed more variability.
The homeownership rate in Rabbittown has seen significant changes from 2013 to 2022. In 2013, the owner-occupancy rate was 62%, which decreased to 49% by 2016. However, there has been a substantial rebound since then, with the rate reaching 70% in 2022. This upward trend in homeownership coincides with the increase in average home prices. The average home price rose from $35,151 in 2021 to $38,090 in 2022, representing an 8.4% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in Rabbittown. The period from 2013 to 2015 saw historically low interest rates, ranging from 0.11% to 0.13%. During this time, homeownership rates in Rabbittown fluctuated but remained relatively high, between 52% and 62%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, there was initially a slight decrease in homeownership. However, despite further increases in interest rates, homeownership in Rabbittown continued to grow, reaching its peak in 2022.
The renter population in Rabbittown has shown an inverse relationship to homeownership trends. In 2016, when homeownership was at its lowest at 49%, the renter percentage peaked at 51%. As homeownership increased, the renter population decreased, reaching 29% in 2022. Average rent prices have fluctuated over the years, with a low of $609 in 2020 and a high of $679 in 2018 and 2022. Interestingly, the highest average rent coincided with both the highest (2018) and lowest (2022) renter percentages in recent years, suggesting that rent prices in Rabbittown may be influenced by factors beyond just demand from renters.
Looking at the most recent data, the average home price in Rabbittown continued its upward trajectory, reaching $41,357 in 2023 and $41,944 in 2024. This represents a significant increase of 10.1% from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, reaching 5.02% in 2023 and 5.33% in 2024. Despite these high interest rates, which typically discourage home buying, the housing market in Rabbittown has remained robust.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Rabbittown will continue to rise, albeit at a more moderate pace. We can expect average home prices to reach approximately $45,000 to $48,000 by 2029. Average rent prices are likely to follow a similar upward trend, potentially reaching $700 to $750 per month in the same timeframe.
In summary, Rabbittown has demonstrated a strong trend towards increased homeownership in recent years, despite rising interest rates. The neighborhood has seen steady growth in average home prices, with this trend expected to continue in the near future. While rent prices have fluctuated, they have generally remained stable, with modest increases anticipated in the coming years. These trends suggest a growing preference for homeownership in Rabbittown, potentially driven by the relatively affordable housing prices compared to national averages.
