Milan, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Milan Neighborhoods Since 2000




Milan, 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

Milan Housing Market Information

With 5,096 people, 2,428 houses or apartments, and a median cost of homes of $117,096, house prices in Milan are solidly below the national average.

Single-family detached homes are the single most common housing type in Milan, accounting for 64.78% of the village's housing units. Other types of housing that are prevalent in Milan include large apartment complexes or high rise apartments ( 14.80%), mobile homes or trailers ( 9.81%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.78%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milan. Owner-occupied housing accounts for 68.29% of Milan's homes, and 54.41% 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. Milan's housing was primarily built during this period, from the '40s through the '60s. A full 46.27% of the village's housing hails from this era. Other housing ages represented in Milan include homes built between 1970-1999 ( 36.10%) and housing constructed before 1939 ( 11.45%). There's also some housing in Milan built between 2000 and later ( 6.18%).

Milan Home Appreciation Rates

Appreciation rates for homes in Milan have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.83%, which ranks in the top 40% nationwide. This equates to an annual average Milan house appreciation rate of 0.47%.

Over the last year, Milan appreciation rates have trailed the rest of the nation. In the last twelve months, Milan's appreciation rate has been 2.92%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milan were at -0.58%, which equates to an annual appreciation rate of -2.29%.

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

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

Average Home Values

 

Median Home Value:
$117,096

Milan, IL HOME PRICES

Value Range
> $1,056,000 0.2
$792,001 - $1,056,000 0.3
$528,001 - $792,000 0.3
$422,001 - $528,000 0.9
$317,001 - $422,000 2.3
$211,001 - $317,000 6.4
$106,001 - $211,000 43.2
$53,001 - $106,000 29.9
$0 - $53,000 16.6

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
67.1334817766319 58.7341772151899

Number Of Homes And Apartments:
2,428

Milan 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
31.04% 1.58% 7 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$755 / per month

Homeownership Rate

Homeownership
Owners 68.29
Renters 31.71
Vacant 3.15

Housing Market Details

 

Age of Homes

AGE OF Milan HOMES
2000 or Newer 6.2
1970 - 1999 36.1
1940 - 1969 46.3
1939 or Older 11.4

Types of Homes

TYPE OF Milan HOMES
Single-Family 64.8
Townhomes 3.8
Small Apt. Buildings 6.8
Apt. Complexes 14.8
Mobile Homes 9.8
Other 0.0

Home Size

SIZE OF Milan HOMES
No Bedroom 0.76
1 Bedroom 18.51
2 Bedrooms 26.01
3 Bedrooms 45.87
4 Bedrooms 8.54
5 or more bedrooms 0.32