Marion, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Marion Neighborhoods Since 2000




Marion, 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

Marion Housing Market Information

With a population of 17,803, 7,526 total housing units (homes and apartments), and a median house value of $115,354, house prices in Marion are solidly below the national average.

Single-family detached homes are the single most common housing type in Marion, accounting for 66.63% of the city's housing units. Other types of housing that are prevalent in Marion include duplexes, homes converted to apartments or other small apartment buildings ( 16.69%), large apartment complexes or high rise apartments ( 10.99%), and a few mobile homes or trailers ( 3.79%).

The most prevalent building size and type in Marion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.26% owning and 39.74% renting.

There is a lot of housing in Marion 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 Marion built between 1940-1969 ( 26.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.80%). There's also some housing in Marion built before 1939 ( 14.75%).

Vacant housing appears to be an issue in Marion. Fully 11.59% of the housing stock is classified as vacant. Left unchecked, vacant Marion homes and apartments can be a drag on the real estate market, holding Marion 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.

Marion Home Appreciation Rates

Real estate appreciation rates in Marion's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.03% during the period.

Over the last year, Marion appreciation rates have trailed the rest of the nation. In the last twelve months, Marion's appreciation rate has been 2.51%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Marion were at -2.01%, which equates to an annual appreciation rate of -7.80%.

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

Relative to Illinois, our data show that Marion's latest annual appreciation rate is lower than 50% 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 Marion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Marion - 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 Marion real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$115,354

Marion, IL HOME PRICES

Value Range
> $1,013,000 0.0
$760,001 - $1,013,000 0.2
$507,001 - $760,000 3.0
$405,001 - $507,000 0.6
$304,001 - $405,000 3.8
$203,001 - $304,000 11.4
$102,001 - $203,000 30.3
$51,001 - $102,000 34.3
$0 - $51,000 16.4

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
68.0651587952654 60.126582278481

Number Of Homes And Apartments:
7,526

Marion 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
26.39% 1.37% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$880 / per month

Homeownership Rate

Homeownership
Owners 60.26
Renters 39.74
Vacant 11.59

Housing Market Details

 

Age of Homes

AGE OF Marion HOMES
2000 or Newer 15.8
1970 - 1999 42.5
1940 - 1969 26.9
1939 or Older 14.8

Types of Homes

TYPE OF Marion HOMES
Single-Family 66.6
Townhomes 1.9
Small Apt. Buildings 16.7
Apt. Complexes 11.0
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Marion HOMES
No Bedroom 4.59
1 Bedroom 9.02
2 Bedrooms 32.89
3 Bedrooms 38.17
4 Bedrooms 13.49
5 or more bedrooms 1.84