Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 7,908 people, 3,197 houses or apartments, and a median cost of homes of $163,227, house prices in South Beloit are solidly below the national average.
Single-family detached homes are the single most common housing type in South Beloit, accounting for 70.88% of the city's housing units. Other types of housing that are prevalent in South Beloit include large apartment complexes or high rise apartments ( 8.05%), duplexes, homes converted to apartments or other small apartment buildings ( 7.62%), and a few row houses and other attached homes ( 7.24%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Beloit. Owner-occupied housing accounts for 71.79% of South Beloit's homes, and 59.45% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in South Beloit built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Beloit built between 2000 and later ( 26.06%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.13%). There's also some housing in South Beloit built before 1939 ( 13.74%).
South Beloit's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in South Beloit during the period has been just 5.26%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, South Beloit's appreciation rate, at 4.73%, has been at or slightly above the national average. In the latest quarter, South Beloit's appreciation rate has been 8.27%, which annualizes to a rate of 37.39%.
Importantly, this makes South Beloit one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Illinois, our data show that South Beloit's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.
$163,227
for Illinois
for nation
3,197
$1,508 / per month