Chester, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Chester, 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

Chester Housing Market Information

With 8,588 people, 2,267 houses or apartments, and a median cost of homes of $109,267, house prices in Chester are solidly below the national average.

Single-family detached homes are the single most common housing type in Chester, accounting for 71.88% of the city's housing units. Other types of housing that are prevalent in Chester include duplexes, homes converted to apartments or other small apartment buildings ( 10.27%), mobile homes or trailers ( 10.20%), and a few large apartment complexes or high rise apartments ( 5.45%).

The most prevalent building size and type in Chester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.79% owning and 55.21% renting.

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. Chester's housing was primarily built during this period, from the '40s through the '60s. A full 36.05% of the city's housing hails from this era. Other housing ages represented in Chester include homes built between 1970-1999 ( 28.64%) and housing constructed before 1939 ( 27.11%). There's also some housing in Chester built between 2000 and later ( 8.20%).

Vacant housing appears to be an issue in Chester. Fully 15.91% of the housing stock is classified as vacant. Left unchecked, vacant Chester homes and apartments can be a drag on the real estate market, holding Chester 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.

Chester Home Appreciation Rates

Appreciation rates for homes in Chester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.89%, which ranks in the top 40% nationwide. This equates to an annual average Chester house appreciation rate of 0.76%.

Appreciation rates are so strong in Chester that despite a nationwide downturn in the housing market, Chester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chester appreciation rates continue to be some of the highest in America, at 11.42%, which is higher than appreciation rates in 96.62% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chester. Chester appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Illinois, our data show that Chester's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$109,267

Chester, IL HOME PRICES

Value Range
> $1,079,000 0.0
$809,001 - $1,079,000 0.0
$539,001 - $809,000 0.9
$432,001 - $539,000 0.7
$324,001 - $432,000 2.0
$216,001 - $324,000 4.1
$108,001 - $216,000 37.6
$54,001 - $108,000 37.6
$0 - $54,000 17.1

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
71.8680417203797 64.8101265822785

Number Of Homes And Apartments:
2,267

Chester 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
41.93% 2.05% 9 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$795 / per month

Homeownership Rate

Homeownership
Owners 44.79
Renters 55.21
Vacant 15.91

Housing Market Details

 

Age of Homes

AGE OF Chester HOMES
2000 or Newer 8.2
1970 - 1999 28.6
1940 - 1969 36.1
1939 or Older 27.1

Types of Homes

TYPE OF Chester HOMES
Single-Family 71.9
Townhomes 2.2
Small Apt. Buildings 10.3
Apt. Complexes 5.5
Mobile Homes 10.2
Other 0.0

Home Size

SIZE OF Chester HOMES
No Bedroom 0.00
1 Bedroom 9.98
2 Bedrooms 31.38
3 Bedrooms 40.99
4 Bedrooms 15.73
5 or more bedrooms 1.93

Popular Neighborhoods in Chester

Zip Codes in Chester, IL