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Woodson, Illinois: Home Values and Ownership Trends Amidst Market Volatility
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
Woodson, Illinois, is a small community located in Morgan County. With a population of 1,607 in 2022 and an area of just 0.39 square miles, it's a densely populated village with a rich history. Over the past decade, Woodson has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Woodson has shown some variability over the years. In 2013, the village had a high homeownership rate of 90%. However, this rate declined to 78% by 2018, indicating a shift towards more rental properties. Interestingly, by 2022, the homeownership rate rebounded to 87%, suggesting a renewed interest in property ownership. Despite the lack of average home price data for most years, we can infer that these shifts in homeownership rates likely corresponded with changes in housing affordability and local economic conditions.
Federal interest rates have played a significant role in shaping homeownership trends in Woodson. The period from 2013 to 2021 saw historically low interest rates, ranging from 0.08% to 0.14%. These low rates typically encourage homeownership by making mortgages more affordable. The increase in homeownership from 78% in 2018 to 87% in 2022 aligns with this period of low interest rates, suggesting that residents took advantage of favorable borrowing conditions to purchase homes.
Rental trends in Woodson have shown an inverse relationship to homeownership rates. The percentage of renters increased from 10% in 2013 to a peak of 22% in 2017, before declining to 13% in 2022. Average rent prices have generally risen over this period, from $765 in 2013 to $946 in 2022, representing a 23.7% increase. The peak in average rent was observed in 2019 at $1,113, which coincided with a period of lower homeownership rates, suggesting that increased demand for rentals may have driven up prices.
Looking at the most recent data, the average home price in Woodson for 2023 was $122,602, with a slight decrease to $121,150 in 2024. This represents a modest 1.2% decline in average home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the village.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Woodson may experience moderate growth, potentially reaching around $130,000 by 2029. This projection assumes a continuation of current economic conditions and local market factors. For average rent prices, the forecast suggests a potential increase to approximately $1,050 by 2029, based on historical trends and anticipated economic factors.
In summary, Woodson has demonstrated resilience in its housing market, with homeownership rates rebounding in recent years despite fluctuations. The inverse relationship between homeownership and rental rates highlights the dynamic nature of the local housing market. The recent slight decline in average home prices, coupled with rising interest rates, may present both challenges and opportunities for potential homebuyers in the coming years. As the village continues to evolve, these housing trends will play a crucial role in shaping its community and economic landscape.
