Litchfield, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Litchfield Neighborhoods Since 2000




Litchfield, 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

Litchfield Housing Market Information

With a population of 6,897, 3,499 total housing units (homes and apartments), and a median house value of $78,180, house prices in Litchfield 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 Litchfield, accounting for 68.67% of the city's housing units. Other types of housing that are prevalent in Litchfield include mobile homes or trailers ( 15.38%), large apartment complexes or high rise apartments ( 9.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.10%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Litchfield. Owner-occupied housing accounts for 69.36% of Litchfield's homes, and 53.17% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Litchfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Litchfield built between 1940-1969 ( 31.43%). A lesser amount of the housing stock also hails from before 1939 ( 18.76%). There's also some housing in Litchfield built between 2000 and later ( 12.28%).

Vacant housing appears to be an issue in Litchfield. Fully 10.31% of the housing stock is classified as vacant. Left unchecked, vacant Litchfield homes and apartments can be a drag on the real estate market, holding Litchfield 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.

Litchfield Home Appreciation Rates

Appreciation rates for homes in Litchfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.41%, which ranks in the top 50% nationwide. This equates to an annual average Litchfield house appreciation rate of 0.14%.

Over the last year, Litchfield appreciation rates have trailed the rest of the nation. In the last twelve months, Litchfield's appreciation rate has been 2.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Litchfield were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$78,180

Litchfield, IL HOME PRICES

Value Range
> $1,104,000 0.0
$828,001 - $1,104,000 0.0
$552,001 - $828,000 0.2
$441,001 - $552,000 0.3
$331,001 - $441,000 1.3
$221,001 - $331,000 1.5
$110,001 - $221,000 22.8
$55,001 - $110,000 56.0
$0 - $55,000 17.8

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
91.6149068322981 89.746835443038

Number Of Homes And Apartments:
3,499

Litchfield 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
36.77% 1.83% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$737 / per month

Homeownership Rate

Homeownership
Owners 69.36
Renters 30.64
Vacant 10.31

Housing Market Details

 

Age of Homes

AGE OF Litchfield HOMES
2000 or Newer 12.3
1970 - 1999 37.5
1940 - 1969 31.4
1939 or Older 18.8

Types of Homes

TYPE OF Litchfield HOMES
Single-Family 68.7
Townhomes 1.4
Small Apt. Buildings 5.1
Apt. Complexes 9.4
Mobile Homes 15.4
Other 0.0

Home Size

SIZE OF Litchfield HOMES
No Bedroom 3.05
1 Bedroom 8.28
2 Bedrooms 32.81
3 Bedrooms 43.78
4 Bedrooms 9.38
5 or more bedrooms 2.69