Decatur IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Decatur, 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Decatur Housing Market Information

With a population of 70,746, 31,062 total housing units (homes and apartments), and a median house value of $92,089, house prices in Decatur 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 Decatur, accounting for 73.58% of the city's housing units. Other types of housing that are prevalent in Decatur include large apartment complexes or high rise apartments ( 16.62%), duplexes, homes converted to apartments or other small apartment buildings ( 5.63%), and a few mobile homes or trailers ( 2.65%).

The most prevalent building size and type in Decatur are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.91% owning and 40.09% 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. Decatur's housing was primarily built during this period, from the '40s through the '60s. A full 44.71% of the city's housing hails from this era. Other housing ages represented in Decatur include homes built between 1970-1999 ( 28.48%) and housing constructed before 1939 ( 21.44%). There's also some housing in Decatur built between 2000 and later ( 5.37%).

Vacant housing appears to be an issue in Decatur. Fully 14.47% of the housing stock is classified as vacant. Left unchecked, vacant Decatur homes and apartments can be a drag on the real estate market, holding Decatur 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.

Decatur Home Appreciation Rates

Homes have actually lost value in Decatur over the last then years, as home values have seen a decline of 1.22% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Decatur home appreciation rates at 1.25%, which equates to an annual appreciation rate of 5.08%.

Appreciation rates are so strong in Decatur that despite a nationwide downturn in the housing market, Decatur real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Decatur appreciation rates continue to be some of the highest in America, at 5.73%, which is higher than appreciation rates in 83.80% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Decatur. Decatur appreciation rates in the latest quarter were at 1.25%, which equates to an annual appreciation rate of 5.08%.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Decatur differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Decatur - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Decatur real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$92,089

Decatur, IL HOME PRICES

Value Range
> $1,069,000 0.3
$802,001 - $1,069,000 0.2
$534,001 - $802,000 0.5
$428,001 - $534,000 0.3
$321,001 - $428,000 1.8
$214,001 - $321,000 4.5
$107,001 - $214,000 25.6
$54,001 - $107,000 36.4
$0 - $54,000 30.5

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
90.0905109489051 86.0759493670886

Number Of Homes And Apartments:
31,062

Decatur Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
14.25% 0.64%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$939 / per month

Homeownership Rate

Homeownership
Owners 59.91
Renters 40.09
Vacant 14.47

Housing Market Details

 

Age of Homes

AGE OF Decatur HOMES
2000 or Newer 5.4
1970 - 1999 28.5
1940 - 1969 44.7
1939 or Older 21.4

Types of Homes

TYPE OF Decatur HOMES
Single-Family 73.6
Townhomes 1.4
Small Apt. Buildings 5.6
Apt. Complexes 16.6
Mobile Homes 2.6
Other 0.1

Home Size

SIZE OF Decatur HOMES
No Bedroom 1.47
1 Bedroom 14.15
2 Bedrooms 32.86
3 Bedrooms 37.92
4 Bedrooms 11.22
5 or more bedrooms 2.37