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Rising Home Values and Shifting Ownership in Justice, Illinois: A Decade of Housing Market Dynamics
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
Justice, located in Illinois, is a densely populated suburban community with a population of 12,948 as of 2022. The village has experienced fluctuations in homeownership rates and significant changes in average home and rent prices over the past decade.
The homeownership rate in Justice has shown a gradual decline from 2013 to 2022. In 2013, 55% of the housing units were owner-occupied, but this figure decreased to 53% by 2022. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $124,327, which steadily increased to $241,952 by 2022, representing a 94.6% increase over this period. This trend suggests that while home values have appreciated significantly, it has become more challenging for residents to transition into homeownership.
Federal interest rates have played a role in shaping homeownership trends in Justice. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 54-55%. However, as interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), the homeownership rate declined to 51%. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate did not immediately rebound, suggesting other factors were influencing housing decisions in the village.
Renter occupancy in Justice has shown an overall increasing trend, rising from 45% in 2013 to 47% in 2022. This shift corresponds with a steady increase in average rent prices. In 2013, the average rent was $1,009, which grew to $1,116 by 2022, an increase of 10.6%. The rise in rental rates, while significant, has been less dramatic than the increase in home prices, potentially explaining the shift towards renting for some residents.
In 2023 and 2024, Justice has continued to see growth in average home prices. The average home price reached $253,100 in 2023 and further increased to $265,767 in 2024, representing a 4.6% and 5% year-over-year increase respectively. This growth has occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow home price appreciation.
Looking ahead, predictive models suggest that average home prices in Justice may continue to rise over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by ongoing demand for rental properties and the overall appreciation of real estate in the area.
In summary, Justice has experienced a gradual shift from homeownership to renting over the past decade, accompanied by substantial increases in both home values and rent prices. The community has shown resilience in its housing market, with continued price appreciation even in the face of rising interest rates. These trends reflect the dynamic nature of the local real estate market and the ongoing challenges in balancing housing affordability with property value growth.
