Olney, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Olney Neighborhoods Since 2000




Olney, 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

Olney Housing Market Information

With 9,005 people, 3,832 houses or apartments, and a median cost of homes of $91,295, house prices in Olney are solidly below the national average.

Single-family detached homes are the single most common housing type in Olney, accounting for 75.18% of the city's housing units. Other types of housing that are prevalent in Olney include large apartment complexes or high rise apartments ( 10.52%), duplexes, homes converted to apartments or other small apartment buildings ( 7.00%), and a few mobile homes or trailers ( 6.72%).

The most prevalent building size and type in Olney are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.25% owning and 39.75% renting.

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. Olney's housing was primarily built during this period, from the '40s through the '60s. A full 43.03% of the city's housing hails from this era. Other housing ages represented in Olney include homes built between 1970-1999 ( 35.32%) and housing constructed before 1939 ( 15.13%). There's also some housing in Olney built between 2000 and later ( 6.52%).

Vacant housing appears to be an issue in Olney. Fully 11.77% of the housing stock is classified as vacant. Left unchecked, vacant Olney homes and apartments can be a drag on the real estate market, holding Olney 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.

Olney Home Appreciation Rates

In the last 10 years, Olney has experienced some of the highest home appreciation rates of any community in the nation. Olney real estate appreciated 17.72% over the last ten years, which is an average annual home appreciation rate of 1.64%, putting Olney in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Olney definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Olney appreciation rates have trailed the rest of the nation. In the last twelve months, Olney's appreciation rate has been 3.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Olney were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Illinois, our data show that Olney's latest annual appreciation rate is higher than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$91,295

Olney, IL HOME PRICES

Value Range
> $1,082,000 0.0
$811,001 - $1,082,000 0.6
$541,001 - $811,000 2.1
$433,001 - $541,000 0.2
$325,001 - $433,000 0.7
$216,001 - $325,000 3.2
$109,001 - $216,000 31.4
$54,001 - $109,000 35.3
$0 - $54,000 26.5

Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
83.0716043595453 78.4810126582278

Number Of Homes And Apartments:
3,832

Olney 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
41.83% 2.05% 9 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$653 / per month

Homeownership Rate

Homeownership
Owners 60.25
Renters 39.75
Vacant 11.77

Housing Market Details

 

Age of Homes

AGE OF Olney HOMES
2000 or Newer 6.5
1970 - 1999 35.3
1940 - 1969 43.0
1939 or Older 15.1

Types of Homes

TYPE OF Olney HOMES
Single-Family 75.2
Townhomes 0.4
Small Apt. Buildings 7.0
Apt. Complexes 10.5
Mobile Homes 6.7
Other 0.2

Home Size

SIZE OF Olney HOMES
No Bedroom 6.12
1 Bedroom 10.89
2 Bedrooms 30.81
3 Bedrooms 40.48
4 Bedrooms 10.06
5 or more bedrooms 1.63