Loading Content...
Stewartville: Rising Home Values and Ownership in a Resilient Illinois Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stewartville, a neighborhood in Moline, Illinois, has experienced notable shifts in homeownership and housing market dynamics over the past decade. This area has seen a significant increase in homeownership rates, coupled with fluctuating average home prices and rent values. The neighborhood's unique characteristics have contributed to its evolving real estate landscape.
The trend in homeownership percentage in Stewartville has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 85%, and by 2022, it had risen to an impressive 93%. This substantial 8 percentage point increase indicates a strong preference for homeownership in the neighborhood. Concurrently, average home prices have also seen an upward trajectory. In 2013, the average home price was $102,235, and by 2022, it had climbed to $138,845, representing a 35.8% increase over nine years. This parallel growth in homeownership rates and home values suggests a robust demand for housing in the area.
The relationship between federal interest rates and homeownership rates in Stewartville presents an interesting dynamic. Despite fluctuations in federal interest rates, the neighborhood has maintained a consistent upward trend in homeownership. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 92%. Interestingly, even as interest rates rose to 1.68% in 2022, the homeownership rate continued to increase to 93%. This suggests that factors beyond interest rates, such as local economic conditions or neighborhood desirability, may be driving the homeownership trend in Stewartville.
The renter population in Stewartville has seen a corresponding decline as homeownership rates have increased. In 2013, 15% of the population were renters, which decreased to just 7% by 2022. Despite this decline in the renter population, average rent prices have shown considerable volatility. In 2013, the average rent was $672, which increased dramatically to $1,338 in 2021, before slightly decreasing to $1,271 in 2022. This 89% increase in average rent from 2013 to 2022, despite a shrinking renter population, could indicate a shift towards higher-quality rental properties or increased demand for the limited rental inventory available.
Looking at the most recent data, the average home price in Stewartville reached $141,847 in 2023, showing continued growth. However, in 2024, there was a slight decrease to $138,720. This recent dip coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may be contributing to a slight cooling in the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Stewartville will continue to show moderate growth, potentially reaching around $150,000 by 2029. This projection is based on the historical trend of steady appreciation, albeit with potential moderation due to higher interest rates. For rent prices, the forecast suggests a potential stabilization or slight decrease, with average rents possibly settling around $1,200 to $1,300 per month, as the market adjusts to the decreasing renter population and potential economic factors.
In summary, Stewartville has demonstrated a strong trend towards homeownership, with a significant increase in the percentage of owner-occupied homes over the past decade. This trend has been accompanied by appreciating home values and volatile rent prices. The neighborhood's resilience in maintaining high homeownership rates despite fluctuating interest rates is particularly noteworthy. As we look to the future, Stewartville is likely to continue its trajectory as a predominantly owner-occupied neighborhood with steady, albeit moderate, growth in property values.
