Marengo, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Marengo, 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

Marengo Housing Market Information

With a population of 7,503, 2,720 total housing units (homes and apartments), and a median house value of $222,105, Marengo real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Marengo, accounting for 68.39% of the city's housing units. Other types of housing that are prevalent in Marengo include duplexes, homes converted to apartments or other small apartment buildings ( 10.54%), row houses and other attached homes ( 8.43%), and a few large apartment complexes or high rise apartments ( 6.36%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Marengo. Owner-occupied housing accounts for 69.89% of Marengo's homes, and 65.64% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Marengo 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 Marengo built between 1940-1969 ( 23.71%). A lesser amount of the housing stock also hails from before 1939 ( 22.68%). There's also some housing in Marengo built between 2000 and later ( 21.39%).

Marengo Home Appreciation Rates

Homes have actually lost value in Marengo over the last then years, as home values have seen a decline of 28.93% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Marengo home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Marengo appreciation rates have trailed the rest of the nation. In the last twelve months, Marengo's appreciation rate has been 2.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Marengo were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Marengo's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$222,105

Marengo, IL HOME PRICES

Value Range
> $1,080,000 1.0
$810,001 - $1,080,000 1.0
$540,001 - $810,000 3.6
$432,001 - $540,000 3.7
$324,001 - $432,000 10.4
$216,001 - $324,000 27.6
$108,001 - $216,000 39.4
$54,001 - $108,000 9.9
$0 - $54,000 3.4

High for IL
High for Nation

Value Relative to Nation Value Relative to State
27.2823157154576 20.253164556962

Number Of Homes And Apartments:
2,720

Marengo 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
-6.56% -0.39% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,113 / per month

Homeownership Rate

Homeownership
Owners 69.89
Renters 30.11
Vacant 2.86

Housing Market Details

 

Age of Homes

AGE OF Marengo HOMES
2000 or Newer 21.4
1970 - 1999 32.2
1940 - 1969 23.7
1939 or Older 22.7

Types of Homes

TYPE OF Marengo HOMES
Single-Family 68.4
Townhomes 8.4
Small Apt. Buildings 10.5
Apt. Complexes 6.4
Mobile Homes 6.3
Other 0.0

Home Size

SIZE OF Marengo HOMES
No Bedroom 0.00
1 Bedroom 6.29
2 Bedrooms 23.79
3 Bedrooms 44.07
4 Bedrooms 21.57
5 or more bedrooms 4.29

Popular Neighborhoods in Marengo

Zip Codes in Marengo, IL