Loading Content...
Zip Code 61263: Rising Home Values and Fluctuating Ownership in Matherville, Illinois
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 61263, located in Matherville, Illinois, is a small rural area with a population that has fluctuated around 100 residents over the past decade. This zip code has experienced significant changes in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 61263 has shown a general decline from 2013 to 2020, followed by a recent uptick. In 2013, the homeownership rate was 77%, which decreased to 67% by 2019. However, there was a notable increase to 76% by 2022. This trend coincides with changes in average home prices, which have shown significant growth in recent years. Average home prices rose from $102,071 in 2021 to $108,046 in 2022, representing a 5.9% increase in just one year.
The relationship between federal interest rates and homeownership rates in this zip code is notable. As interest rates remained low between 2013 and 2020 (ranging from 0.09% to 0.38%), homeownership rates initially declined. However, as interest rates began to rise in 2022 to 1.68%, homeownership rates increased from 68% to 76%. This counterintuitive trend suggests that local factors may have a stronger influence on homeownership in this small community than national interest rates.
Renter percentages and average rent prices in zip code 61263 have shown interesting patterns. The percentage of renters increased from 23% in 2013 to a peak of 32% in 2018 and 2020, before decreasing to 24% in 2022. Average rent prices have been volatile, dropping from $678 in 2013 to a low of $318 in 2016, then rising to $779 in 2022. This represents a 145% increase in average rent from 2016 to 2022, despite the population remaining relatively stable.
In 2023 and 2024, average home prices in zip code 61263 continued to rise. The average home price reached $109,211 in 2023 and further increased to $113,954 in 2024, representing a 4.3% year-over-year growth. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Looking ahead, based on the recent trends, we can forecast that average home prices in zip code 61263 will likely continue to appreciate over the next five years, potentially reaching around $130,000 by 2029. Average rent prices, given their recent sharp increase, may stabilize or experience more moderate growth, potentially reaching $850-$900 per month by 2029.
In summary, zip code 61263 has experienced a recent resurgence in homeownership rates despite rising home prices and interest rates. The rental market has seen significant price increases, which may have contributed to the shift back towards homeownership. The community's small size makes it susceptible to rapid changes in housing dynamics, and continued monitoring of these trends will be crucial for understanding the local real estate market.
