Mount Vernon, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mount Vernon, 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 Vernon Housing Market Information

With 15,087 people, 6,713 houses or apartments, and a median cost of homes of $95,682, house prices in Mount Vernon are solidly below the national average.

Single-family detached homes are the single most common housing type in Mount Vernon, accounting for 69.08% of the city's housing units. Other types of housing that are prevalent in Mount Vernon include large apartment complexes or high rise apartments ( 18.10%), mobile homes or trailers ( 6.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.81%).

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 39.13% of the city's housing hails from this era. Other housing ages represented in Mount Vernon include homes built between 1970-1999 ( 35.50%) and housing constructed before 1939 ( 19.70%). There's also some housing in Mount Vernon built between 2000 and later ( 5.68%).

Vacant housing appears to be an issue in Mount Vernon. Fully 10.35% 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 7.39%, 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 4.55%, has been at or slightly above the national average. In the latest quarter, Mount Vernon's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Illinois, our data show that Mount Vernon's latest annual appreciation rate is higher than 80% 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:
$95,682

Mount Vernon, IL HOME PRICES

Value Range
> $1,090,000 0.2
$817,001 - $1,090,000 0.0
$545,001 - $817,000 0.3
$436,001 - $545,000 0.5
$327,001 - $436,000 1.4
$218,001 - $327,000 7.2
$109,001 - $218,000 27.0
$55,001 - $109,000 28.0
$0 - $55,000 35.4

Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
80.4230634009141 74.4303797468354

Number Of Homes And Apartments:
6,713

Mount Vernon 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
35.25% 1.77% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$849 / per month

Homeownership Rate

Homeownership
Owners 57.21
Renters 42.79
Vacant 10.35

Housing Market Details

 

Age of Homes

AGE OF Mount Vernon HOMES
2000 or Newer 5.7
1970 - 1999 35.5
1940 - 1969 39.1
1939 or Older 19.7

Types of Homes

TYPE OF Mount Vernon HOMES
Single-Family 69.1
Townhomes 0.9
Small Apt. Buildings 5.8
Apt. Complexes 18.1
Mobile Homes 6.2
Other 0.0

Home Size

SIZE OF Mount Vernon HOMES
No Bedroom 3.03
1 Bedroom 14.20
2 Bedrooms 34.75
3 Bedrooms 35.55
4 Bedrooms 10.03
5 or more bedrooms 2.44

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Zip Codes in Mount Vernon, IL