Morrison, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morrison, 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

Morrison Housing Market Information

With 4,145 people, 1,665 houses or apartments, and a median cost of homes of $101,553, house prices in Morrison are solidly below the national average.

Single-family detached homes are the single most common housing type in Morrison, accounting for 81.78% of the city's housing units. Other types of housing that are prevalent in Morrison include duplexes, homes converted to apartments or other small apartment buildings ( 8.40%), large apartment complexes or high rise apartments ( 7.73%), and a few row houses and other attached homes ( 2.09%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Morrison. Owner-occupied housing accounts for 69.91% of Morrison's homes, and 50.82% 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. Morrison's housing was primarily built during this period, from the '40s through the '60s. A full 45.46% of the city's housing hails from this era. Other housing ages represented in Morrison include homes built before 1939 ( 33.16%) and housing constructed between 1970-1999 ( 16.92%). There's also some housing in Morrison built between 2000 and later ( 4.46%).

Morrison Home Appreciation Rates

Appreciation rates for homes in Morrison have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.70%, which ranks in the top 50% nationwide. This equates to an annual average Morrison house appreciation rate of 0.27%.

Over the last year, Morrison appreciation rates have trailed the rest of the nation. In the last twelve months, Morrison's appreciation rate has been 2.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morrison were at 0.00%, which equates to an annual appreciation rate of 0.00%.

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

Average Home Values

 

Median Home Value:
$101,553

Morrison, IL HOME PRICES

Value Range
> $1,049,000 0.7
$787,001 - $1,049,000 0.2
$524,001 - $787,000 0.5
$420,001 - $524,000 0.3
$315,001 - $420,000 1.2
$210,001 - $315,000 7.2
$105,001 - $210,000 40.8
$53,001 - $105,000 43.3
$0 - $53,000 5.8

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
76.6084612680183 69.620253164557

Number Of Homes And Apartments:
1,665

Morrison 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
23.05% 1.21% 5 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$801 / per month

Homeownership Rate

Homeownership
Owners 69.91
Renters 30.09
Vacant 6.09

Housing Market Details

 

Age of Homes

AGE OF Morrison HOMES
2000 or Newer 4.5
1970 - 1999 16.9
1940 - 1969 45.5
1939 or Older 33.2

Types of Homes

TYPE OF Morrison HOMES
Single-Family 81.8
Townhomes 2.1
Small Apt. Buildings 8.4
Apt. Complexes 7.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Morrison HOMES
No Bedroom 0.00
1 Bedroom 10.21
2 Bedrooms 35.98
3 Bedrooms 36.38
4 Bedrooms 14.44
5 or more bedrooms 2.99

Popular Neighborhoods in Morrison

Zip Codes in Morrison, IL