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Zip Code 62650: Jacksonville's Housing Market Resilience Amidst Rising Home Values
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
Jacksonville, Illinois, zip code 62650, has experienced significant changes in its real estate market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Jacksonville has remained relatively stable, with slight variations over the years. In 2013, 66% of residents were homeowners, which dipped to 64% in 2019 before rising back to 67% in 2022. This trend correlates with average home prices, which have shown a general upward trajectory. In 2013, the average home price was $91,856, rising to $106,165 in 2019, and further increasing to $114,103 in 2022. This 24.2% increase in average home prices over a decade suggests a growing real estate market despite minor fluctuations in homeownership rates.
Federal interest rates have played a significant role in shaping homeownership trends. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This favorable lending environment likely contributed to maintaining relatively stable homeownership rates despite rising home prices. The slight increase in homeownership to 67% in 2022, coinciding with a 1.68% interest rate, suggests that residents were still finding homeownership accessible.
Renter percentages in Jacksonville have mirrored the homeownership trends. The renter population stood at 34% in 2013, peaked at 36% in 2019, and then decreased to 33% in 2022. Average rent prices have shown a more volatile pattern. Starting at $704 in 2013, average rent reached $780 in 2019, representing a 10.8% increase. However, by 2022, average rent had decreased to $723, possibly reflecting changes in local economic conditions or housing supply.
In 2023 and 2024, Jacksonville's real estate market continued its upward trajectory. The average home price rose to $119,097 in 2023 and further increased to $127,272 in 2024, marking a significant 11.5% jump from 2022 to 2024. This growth occurred despite a sharp 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, predictive models suggest a continued upward trend in both average home and rent prices over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $150,000 by 2029. Average rent prices are expected to follow a similar trajectory, possibly surpassing $800 per month within the same timeframe.
In summary, Jacksonville's real estate market has demonstrated resilience and growth. The stability in homeownership rates despite rising home prices indicates a strong local housing market. The recent surge in average home prices, even in the face of higher interest rates, suggests robust demand. These trends, combined with the projected increases in both home and rent prices, point to a dynamic real estate environment in Jacksonville for the foreseeable future.
