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Zip Code 60048: Rising Home Values and Stable Ownership in Libertyville, Illinois
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
Zip code 60048, located in Libertyville, Illinois, is a suburban area known for its high quality of life and strong community spirit. Over the past decade, this area has maintained a consistently high rate of homeownership, averaging around 83%, while experiencing fluctuations in average home prices and rent costs.
The homeownership rate in zip code 60048 has remained remarkably stable, hovering between 83% and 84% from 2013 to 2022. During this period, average home prices have shown a generally upward trend, albeit with some fluctuations. In 2013, the average home price was $395,094, which increased to $512,443 by 2022, representing a 29.7% increase over nine years. Notably, there was a significant jump in average home prices between 2020 and 2022, rising from $435,202 to $512,443, a 17.7% increase in just two years.
The federal interest rates have played a role in homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%, which likely contributed to the steady homeownership rates. The slight increase in homeownership from 83% to 84% in 2021 coincided with historically low interest rates of 0.08%, potentially encouraging more buyers to enter the market.
Renter percentages in zip code 60048 have remained consistent, ranging from 16% to 17% between 2013 and 2022. Average rent prices, however, have shown a steady increase over this period. In 2013, the average rent was $1,428, which rose to $1,843 by 2022, representing a 29.1% increase. Despite the population fluctuations in the area, with a low of 32,351 in 2019 and a high of 33,657 in 2022, the demand for rental properties has remained strong, as evidenced by the consistent increase in average rent prices.
In 2023 and 2024, the housing market in zip code 60048 continued its upward trajectory. The average home price reached $529,433 in 2023 and further increased to $550,466 in 2024, representing a 7.4% rise over two years. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for some buyers.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in zip code 60048 to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 3-4%, average home prices could potentially reach around $650,000 to $670,000 by 2029. Similarly, average rent prices are likely to continue their upward trend, potentially reaching $2,100 to $2,200 per month by 2029, assuming a 2-3% annual increase.
In summary, zip code 60048 in Libertyville has demonstrated a robust and stable housing market over the past decade. The area maintains a high rate of homeownership despite rising home prices, suggesting strong local demand and a desirable living environment. The rental market has also shown consistent growth, with steadily increasing average rent prices. These trends, combined with the recent surge in home values and the area's ability to maintain growth even in the face of rising interest rates, indicate a resilient and attractive real estate market in this suburban Illinois community.
