Gillespie, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Gillespie Neighborhoods Since 2000




Gillespie, 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

Gillespie Housing Market Information

With a population of 3,176, 1,396 total housing units (homes and apartments), and a median house value of $81,101, house prices in Gillespie 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 Gillespie, accounting for 89.00% of the city's housing units. Other types of housing that are prevalent in Gillespie include duplexes, homes converted to apartments or other small apartment buildings ( 8.15%), large apartment complexes or high rise apartments ( 1.83%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Gillespie. Owner-occupied housing accounts for 72.64% of Gillespie's homes, and 51.14% have either three or four bedrooms, which is average sized relative to America.

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. Gillespie's housing was primarily built during this period, from the '40s through the '60s. A full 42.54% of the city's housing hails from this era. Other housing ages represented in Gillespie include homes built before 1939 ( 31.73%) and housing constructed between 1970-1999 ( 19.34%). There's also some housing in Gillespie built between 2000 and later ( 6.38%).

Vacant housing appears to be an issue in Gillespie. Fully 11.76% of the housing stock is classified as vacant. Left unchecked, vacant Gillespie homes and apartments can be a drag on the real estate market, holding Gillespie 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.

Gillespie Home Appreciation Rates

Gillespie's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Gillespie during the period has been just -0.84%, which is lower than 70% of US communities.

Over the last year, Gillespie appreciation rates have trailed the rest of the nation. In the last twelve months, Gillespie's appreciation rate has been 2.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gillespie were at 1.03%, which equates to an annual appreciation rate of 4.19%.

Relative to Illinois, our data show that Gillespie's latest annual appreciation rate is lower than 50% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$81,101

Gillespie, IL HOME PRICES

Value Range
> $1,015,000 0.9
$762,001 - $1,015,000 0.0
$508,001 - $762,000 0.0
$406,001 - $508,000 0.8
$305,001 - $406,000 0.1
$203,001 - $305,000 7.4
$101,001 - $203,000 24.1
$51,001 - $101,000 53.8
$0 - $51,000 12.9

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
89.7896402203211 87.4683544303797

Number Of Homes And Apartments:
1,396

Gillespie 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
29.02% 1.49% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$745 / per month

Homeownership Rate

Homeownership
Owners 72.64
Renters 27.36
Vacant 11.76

Housing Market Details

 

Age of Homes

AGE OF Gillespie HOMES
2000 or Newer 6.4
1970 - 1999 19.3
1940 - 1969 42.5
1939 or Older 31.7

Types of Homes

TYPE OF Gillespie HOMES
Single-Family 89.0
Townhomes 0.5
Small Apt. Buildings 8.2
Apt. Complexes 1.8
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Gillespie HOMES
No Bedroom 0.38
1 Bedroom 7.59
2 Bedrooms 39.57
3 Bedrooms 37.99
4 Bedrooms 13.15
5 or more bedrooms 1.33