Pana, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Pana Neighborhoods Since 2000




Pana, 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

Pana Housing Market Information

With a population of 5,607, 2,686 total housing units (homes and apartments), and a median house value of $71,581, house prices in Pana 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 Pana, accounting for 80.68% of the city's housing units. Other types of housing that are prevalent in Pana include large apartment complexes or high rise apartments ( 7.11%), mobile homes or trailers ( 6.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.72%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Pana. Owner-occupied housing accounts for 68.50% of Pana's homes, and 54.37% have either three or four bedrooms, which is average sized relative to America.

The housing in Pana was primarily built before 1939 ( 35.42%), making the housing stock in Pana some of the oldest overall in America, although there is a range of ages of homes in Pana. The next most important housing age is between 1940-1969 ( 29.68%), followed by between 1970-1999 ( 28.86%). There's also some housing in Pana built between 2000 and later ( 6.04%).

Vacant housing appears to be an issue in Pana. Fully 17.63% of the housing stock is classified as vacant. Left unchecked, vacant Pana homes and apartments can be a drag on the real estate market, holding Pana 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.

Pana Home Appreciation Rates

Appreciation rates for homes in Pana have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.98%, which ranks in the top 30% nationwide. This equates to an annual average Pana house appreciation rate of 0.96%.

NeighborhoodScout's data show that during the latest twelve months, Pana's appreciation rate, at 3.82%, has been at or slightly above the national average. In the latest quarter, Pana's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Illinois, our data show that Pana's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$71,581

Pana, IL HOME PRICES

Value Range
> $1,083,000 0.0
$813,001 - $1,083,000 0.0
$542,001 - $813,000 0.0
$433,001 - $542,000 0.0
$325,001 - $433,000 0.2
$217,001 - $325,000 4.7
$108,001 - $217,000 16.8
$54,001 - $108,000 47.4
$0 - $54,000 30.9

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
94.6267432321575 93.9240506329114

Number Of Homes And Apartments:
2,686

Pana 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
36.21% 1.81% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$593 / per month

Homeownership Rate

Homeownership
Owners 68.50
Renters 31.50
Vacant 17.63

Housing Market Details

 

Age of Homes

AGE OF Pana HOMES
2000 or Newer 6.0
1970 - 1999 28.9
1940 - 1969 29.7
1939 or Older 35.4

Types of Homes

TYPE OF Pana HOMES
Single-Family 80.7
Townhomes 0.8
Small Apt. Buildings 4.7
Apt. Complexes 7.1
Mobile Homes 6.7
Other 0.0

Home Size

SIZE OF Pana HOMES
No Bedroom 4.97
1 Bedroom 6.75
2 Bedrooms 32.23
3 Bedrooms 46.27
4 Bedrooms 8.10
5 or more bedrooms 1.69

Popular Neighborhoods in Pana

Zip Codes in Pana, IL