Chester, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Chester, IL Real Estate Data


Chester Housing Market Information

With 8,588 people, 2,168 houses or apartments, and a median cost of homes of $109,021, 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 70.85% of the city's housing units. Other types of housing that are prevalent in Chester include mobile homes or trailers ( 12.90%), duplexes, homes converted to apartments or other small apartment buildings ( 10.15%), and a few large apartment complexes or high rise apartments ( 5.22%).

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 42.83% owning and 57.17% 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 32.83% of the city's housing hails from this era. Other housing ages represented in Chester include homes built between 1970-1999 ( 31.82%) and housing constructed before 1939 ( 27.34%). There's also some housing in Chester built between 2000 and later ( 8.01%).

Vacant housing appears to be an issue in Chester. Fully 12.33% 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 11.52%, which ranks in the top 40% nationwide. This equates to an annual average Chester house appreciation rate of 1.10%.

NeighborhoodScout's data show that during the latest twelve months, Chester's appreciation rate, at 5.70%, has been at or slightly above the national average. In the latest quarter, Chester's appreciation rate has been -0.08%, which annualizes to a rate of -0.30%.

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

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:
$109,021

Chester, IL HOME PRICES

Value Range
> $1,107,000 0.3
$831,001 - $1,107,000 0.0
$554,001 - $831,000 0.0
$443,001 - $554,000 0.9
$332,001 - $443,000 1.7
$221,001 - $332,000 4.1
$111,001 - $221,000 39.6
$55,001 - $111,000 34.4
$0 - $55,000 19.0

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
73.0748960590268 66.2025316455696

Number Of Homes And Apartments:
2,168

Rent & Ownership

 

Average Market Rent:
$847 / per month

Homeownership Rate

Homeownership
Owners 42.83
Renters 57.17
Vacant 12.33

Housing Market Details

 

Age of Homes

AGE OF Chester HOMES
2000 or Newer 8.0
1970 - 1999 31.8
1940 - 1969 32.8
1939 or Older 27.3

Types of Homes

TYPE OF Chester HOMES
Single-Family 70.8
Townhomes 0.9
Small Apt. Buildings 10.1
Apt. Complexes 5.2
Mobile Homes 12.9
Other 0.0

Home Size

SIZE OF Chester HOMES
No Bedroom 0.00
1 Bedroom 9.70
2 Bedrooms 35.99
3 Bedrooms 34.86
4 Bedrooms 17.43
5 or more bedrooms 2.02

Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
47.89% 2.33% 9 6
* 10 is highest

Popular Neighborhoods in Chester

Zip Codes in Chester, IL