Pana appreciation rates and housing market information

Pana housing market information

With a population of 5,613, 2,534 total housing units (homes and apartments), and a median house value of $73,130, house prices in Pana 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 Pana, accounting for 77.47% of the city's housing units. Other types of housing that are prevalent in Pana include duplexes, homes converted to apartments, or other small apartment buildings (9.55%), large apartment complexes or high rise apartments (8.29%), and a few mobile homes or trailers (4.70%).

Dwellings in Pana tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 49.76% of the homes in Pana have two or fewer bedrooms.

The housing in Pana was primarily built before 1939 (43.14%), making the housing stock in Pana some of the older overall in America, although there is a range of ages of homes in Pana. The next most important Pana housing age is 1940-1969 (34.92%), followed by 1970-1994 (19.06%). There's also some housing in Pana built between 1995 and later (2.88%).

Pana home appreciation rates

Pana's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Pana during the period has been just 5.44%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Pana home appreciation rates, at 1.34%, have been at or slightly above the national average. In the latest quarter, Pana's appreciation rate has been 0.17%, which annualizes to a rate of 0.68%.

Relative to Illinois, our data show that Pana's latest annual appreciation rate is higher than 56% of the other cities and towns in Illinois.