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Zip Code 61732: Danvers, Illinois Sees Steady Home Value Growth Amidst High Ownership Rates
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 61732, located in Danvers, Illinois, is a small community covering 53.49 square miles. This area has experienced fluctuations in homeownership rates and housing prices over the past decade, with a generally high rate of owner-occupied housing and steadily increasing average home prices. The homeownership rate in zip code 61732 has remained relatively stable, hovering around 88-91% between 2013 and 2022. In 2013, the homeownership rate was 89%, and by 2022, it had increased slightly to 91%. During this period, average home prices showed a consistent upward trend. In 2013, the average home price was $154,872, and it rose to $200,679 by 2022, representing a 29.6% increase over nine years. This trend suggests a strong correlation between homeownership rates and rising property values in the area.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained extremely low, ranging from 0.09% to 0.4%. During this period, homeownership rates in zip code 61732 remained steady at around 88-89%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased slightly to 89-90%, possibly due to residents securing mortgages before rates climbed further.
Renter percentages in zip code 61732 have remained relatively low, fluctuating between 9% and 13% from 2013 to 2022. Average rent prices, however, have shown a notable increase. In 2013, the average rent was $742, and by 2022, it had risen to $903, representing a 21.7% increase. This upward trend in rent prices occurred despite the area's stable population, which ranged from 1,929 to 2,147 residents during this period. The combination of rising rent prices and a low renter percentage suggests a limited but competitive rental market in the area.
In 2023 and 2024, average home prices in zip code 61732 continued to rise significantly. The average home price reached $212,308 in 2023 and further increased to $222,396 in 2024, representing a 10.8% increase from 2022 to 2024. This sharp rise coincides with a substantial increase in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024. Despite higher interest rates, the continued rise in home prices suggests strong demand for housing in this area.
Looking ahead, based on the observed trends, we can predict that average home prices in zip code 61732 will likely continue to increase over the next five years, potentially reaching around $250,000 by 2029. However, the rate of increase may slow down due to the current high interest rates. Average rent prices are also expected to rise, potentially reaching $1,100-$1,200 per month by 2029, assuming the current trend continues.
In summary, zip code 61732 has maintained a high homeownership rate despite rising home prices, suggesting a strong and stable housing market. The area has seen consistent growth in both home values and rent prices, outpacing population growth. The recent sharp increase in home prices, even in the face of rising interest rates, indicates robust demand for housing in this community. These trends point to a potentially lucrative market for homeowners and investors, while renters may face increasing costs in the coming years.
