Mount Sterling appreciation rates and housing market information

Mount Sterling housing market information

With a population of 2,083, 1,051 total housing units (homes and apartments), and a median house value of $73,533, house prices in Mount Sterling are some of the most affordable in Illinois as well as the nation.

single-family detached homes are the single most common housing type in Mount Sterling, accounting for 73.45% of the city's housing units. Other types of housing that are prevalent in Mount Sterling include large apartment complexes or high rise apartments (9.32%), duplexes, homes converted to apartments, or other small apartment buildings (9.04%), and a few mobile homes or trailers (7.80%).

Dwellings in Mount Sterling tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 53.38% of the homes in Mount Sterling have two or fewer bedrooms.

The housing in Mount Sterling was primarily built before 1939 (40.72%), making the housing stock in Mount Sterling some of the older overall in America, although there is a range of ages of homes in Mount Sterling. The next most important Mount Sterling housing age is 1940-1969 (28.26%), followed by 1970-1994 (24.45%). There's also some housing in Mount Sterling built between 1995 and later (6.57%).

Vacant housing appears to be an issue in Mount Sterling. Fully 10.85% of the housing stock is classified as vacant. Left unchecked, vacant Mount Sterling homes and apartments can be a drag on the real estate market, holding Mount Sterling real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Mount Sterling home appreciation rates

Mount Sterling's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mount Sterling during the period has been just 5.35%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Mount Sterling home appreciation rates, at 1.25%, have been at or slightly above the national average. In the latest quarter, Mount Sterling's appreciation rate has been 0.15%, which annualizes to a rate of 0.60%.

Relative to Illinois, our data show that Mount Sterling's latest annual appreciation rate is higher than 54% of the other cities and towns in Illinois.