Mount Vernon, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Mount Vernon Neighborhoods Since 2000




Mount Vernon, IL Real Estate Data


Mount Vernon Housing Market Information

With 15,087 people, 6,603 houses or apartments, and a median cost of homes of $88,279, house prices in Mount Vernon are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Mount Vernon, accounting for 67.96% of the city's housing units. Other types of housing that are prevalent in Mount Vernon include large apartment complexes or high rise apartments ( 18.48%), duplexes, homes converted to apartments or other small apartment buildings ( 6.63%), and a few mobile homes or trailers ( 6.06%).

People in Mount Vernon primarily live in small (one, two or no bedroom) single-family detached homes. Mount Vernon has a mixture of owner-occupied and renter-occupied housing.

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 Vernon's housing was primarily built during this period, from the '40s through the '60s. A full 38.98% of the city's housing hails from this era. Other housing ages represented in Mount Vernon include homes built between 1970-1999 ( 36.84%) and housing constructed before 1939 ( 19.41%). There's also some housing in Mount Vernon built between 2000 and later ( 4.78%).

Vacant housing appears to be an issue in Mount Vernon. Fully 10.14% of the housing stock is classified as vacant. Left unchecked, vacant Mount Vernon homes and apartments can be a drag on the real estate market, holding Mount Vernon 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 Vernon Home Appreciation Rates

Appreciation rates for homes in Mount Vernon have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.49%, which ranks in the top 40% nationwide. This equates to an annual average Mount Vernon house appreciation rate of 0.72%.

NeighborhoodScout's data show that during the latest twelve months, Mount Vernon's appreciation rate, at 4.97%, has been at or slightly above the national average. In the latest quarter, Mount Vernon's appreciation rate has been -0.08%, which annualizes to a rate of -0.30%.

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

Relative to Illinois, our data show that Mount Vernon's latest annual appreciation rate is higher than 60% 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 Mount Vernon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mount Vernon - 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 Mount Vernon real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$88,279

Mount Vernon, IL HOME PRICES

Value Range
> $1,080,000 0.2
$810,001 - $1,080,000 0.3
$540,001 - $810,000 0.7
$432,001 - $540,000 0.5
$324,001 - $432,000 1.8
$216,001 - $324,000 7.1
$108,001 - $216,000 27.0
$54,001 - $108,000 23.7
$0 - $54,000 38.7

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
86.4203314399485 82.7848101265823

Number Of Homes And Apartments:
6,603

Rent & Ownership

 

Average Market Rent:
$758 / per month

Homeownership Rate

Homeownership
Owners 53.99
Renters 46.01
Vacant 10.14

Housing Market Details

 

Age of Homes

AGE OF Mount Vernon HOMES
2000 or Newer 4.8
1970 - 1999 36.8
1940 - 1969 39.0
1939 or Older 19.4

Types of Homes

TYPE OF Mount Vernon HOMES
Single-Family 68.0
Townhomes 0.9
Small Apt. Buildings 6.6
Apt. Complexes 18.5
Mobile Homes 6.1
Other 0.0

Home Size

SIZE OF Mount Vernon HOMES
No Bedroom 2.38
1 Bedroom 14.74
2 Bedrooms 34.58
3 Bedrooms 35.57
4 Bedrooms 10.60
5 or more bedrooms 2.12

Mount Vernon Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
34.64% 1.77% 7 4
* 10 is highest

Popular Communities Near Mount Vernon, IL

Zip Codes in Mount Vernon, IL