Mount Carmel, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Mount Carmel Neighborhoods Since 2000




Mount Carmel, 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

Mount Carmel Housing Market Information

With a population of 7,027, 3,036 total housing units (homes and apartments), and a median house value of $90,302, house prices in Mount Carmel are solidly below the national average.

Single-family detached homes are the single most common housing type in Mount Carmel, accounting for 74.15% of the city's housing units. Other types of housing that are prevalent in Mount Carmel include large apartment complexes or high rise apartments ( 11.76%), mobile homes or trailers ( 7.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.63%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mount Carmel. Owner-occupied housing accounts for 66.10% of Mount Carmel's homes, and 52.34% 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. Mount Carmel's housing was primarily built during this period, from the '40s through the '60s. A full 42.30% of the city's housing hails from this era. Other housing ages represented in Mount Carmel include homes built between 1970-1999 ( 29.53%) and housing constructed before 1939 ( 23.53%). There's also some housing in Mount Carmel built between 2000 and later ( 4.65%).

Vacant housing appears to be an issue in Mount Carmel. Fully 12.88% of the housing stock is classified as vacant. Left unchecked, vacant Mount Carmel homes and apartments can be a drag on the real estate market, holding Mount Carmel 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.

Mount Carmel Home Appreciation Rates

Appreciation rates for homes in Mount Carmel have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.51%, which ranks in the top 30% nationwide. This equates to an annual average Mount Carmel house appreciation rate of 1.19%.

Appreciation rates are so strong in Mount Carmel that despite a nationwide downturn in the housing market, Mount Carmel real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mount Carmel appreciation rates continue to be some of the highest in America, at 6.88%, which is higher than appreciation rates in 80.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mount Carmel. Mount Carmel appreciation rates in the latest quarter were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Illinois, our data show that Mount Carmel's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$90,302

Mount Carmel, IL HOME PRICES

Value Range
> $1,064,000 0.6
$797,001 - $1,064,000 0.0
$532,001 - $797,000 0.4
$425,001 - $532,000 0.2
$319,001 - $425,000 2.0
$213,001 - $319,000 4.6
$106,001 - $213,000 24.8
$53,001 - $106,000 46.8
$0 - $53,000 20.5

Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
83.7395992030939 79.2405063291139

Number Of Homes And Apartments:
3,036

Mount Carmel 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
44.92% 2.17% 9 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$723 / per month

Homeownership Rate

Homeownership
Owners 66.10
Renters 33.90
Vacant 12.88

Housing Market Details

 

Age of Homes

AGE OF Mount Carmel HOMES
2000 or Newer 4.6
1970 - 1999 29.5
1940 - 1969 42.3
1939 or Older 23.5

Types of Homes

TYPE OF Mount Carmel HOMES
Single-Family 74.1
Townhomes 0.2
Small Apt. Buildings 6.6
Apt. Complexes 11.8
Mobile Homes 7.2
Other 0.0

Home Size

SIZE OF Mount Carmel HOMES
No Bedroom 2.27
1 Bedroom 12.22
2 Bedrooms 30.70
3 Bedrooms 39.83
4 Bedrooms 12.51
5 or more bedrooms 2.47