Carmi, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Carmi Neighborhoods Since 2000




Carmi, IL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Carmi Housing Market Information

With a population of 5,119, 2,247 total housing units (homes and apartments), and a median house value of $93,425, house prices in Carmi are solidly below the national average.

Single-family detached homes are the single most common housing type in Carmi, accounting for 76.62% of the city's housing units. Other types of housing that are prevalent in Carmi include duplexes, homes converted to apartments or other small apartment buildings ( 10.29%), mobile homes or trailers ( 6.99%), and a few large apartment complexes or high rise apartments ( 5.57%).

People in Carmi primarily live in small (one, two or no bedroom) single-family detached homes. Carmi has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Carmi's housing was primarily built during this period, from the '40s through the '60s. A full 47.10% of the city's housing hails from this era. Other housing ages represented in Carmi include homes built between 1970-1999 ( 30.98%) and housing constructed before 1939 ( 18.50%). There's also some housing in Carmi built between 2000 and later ( 3.42%).

Vacant housing appears to be an issue in Carmi. Fully 13.74% of the housing stock is classified as vacant. Left unchecked, vacant Carmi homes and apartments can be a drag on the real estate market, holding Carmi 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.

Carmi Home Appreciation Rates

In the last 10 years, Carmi has experienced some of the highest home appreciation rates of any community in the nation. Carmi real estate appreciated 20.76% over the last ten years, which is an average annual home appreciation rate of 1.90%, putting Carmi in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Carmi definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Carmi's appreciation rate, at 4.04%, has been at or slightly above the national average. In the latest quarter, Carmi's appreciation rate has been -0.70%, which annualizes to a rate of -2.75%.

Notably, Carmi's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Carmi's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$93,425

Carmi, IL HOME PRICES

Value Range
> $1,108,000 0.0
$831,001 - $1,108,000 0.0
$554,001 - $831,000 0.0
$443,001 - $554,000 0.5
$332,001 - $443,000 1.0
$222,001 - $332,000 4.0
$110,001 - $222,000 20.9
$55,001 - $110,000 38.5
$0 - $55,000 35.1

Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
81.7707722957928 76.7088607594937

Number Of Homes And Apartments:
2,247

Carmi Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
47.73% 2.29% 10 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$691 / per month

Homeownership Rate

Homeownership
Owners 63.01
Renters 36.99
Vacant 13.74

Housing Market Details

 

Age of Homes

AGE OF Carmi HOMES
2000 or Newer 3.4
1970 - 1999 31.0
1940 - 1969 47.1
1939 or Older 18.5

Types of Homes

TYPE OF Carmi HOMES
Single-Family 76.6
Townhomes 0.5
Small Apt. Buildings 10.3
Apt. Complexes 5.6
Mobile Homes 7.0
Other 0.0

Home Size

SIZE OF Carmi HOMES
No Bedroom 0.61
1 Bedroom 11.40
2 Bedrooms 37.50
3 Bedrooms 41.84
4 Bedrooms 6.03
5 or more bedrooms 2.61

Popular Neighborhoods in Carmi

Zip Codes in Carmi, IL