menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Pana, IL Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Pana, IL Housing Market Trends

With 5,093 people, 2,230 houses or apartments, and a median cost of homes of $105,680, 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 77.89% of the city's housing units. Other types of housing that are prevalent in Pana include large apartment complexes or high rise apartments ( 8.63%), mobile homes or trailers ( 8.60%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.08%).

Dwellings in Pana tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 52.53% of the homes in Pana have two or fewer bedrooms.

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. Pana's housing was primarily built during this period, from the '40s through the '60s. A full 36.32% of the city's housing hails from this era. Other housing ages represented in Pana include homes built before 1939 ( 29.22%) and housing constructed between 1970-1999 ( 27.91%). There's also some housing in Pana built between 2000 and later ( 6.56%).

Vacant housing appears to be an issue in Pana. Fully 18.76% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in Pana, where house values have increased just 15.51%, which is annualized rate of 1.45%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Pana appreciation rates have trailed the rest of the nation. In the last twelve months, Pana's appreciation rate has been 4.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Pana were at 1.05%, which equates to an annual appreciation rate of 4.25%.

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

Average Home Values

Median Home Value

$105,680

Pana, IL Home Prices
> $1,117,000
$838,001 - $1,117,000
$558,001 - $838,000
$447,001 - $558,000
$335,001 - $447,000
$223,001 - $335,000
$112,001 - $223,000
$56,001 - $112,000
$0 - $56,000
0.7%
0.7%
0.5%
0.5%
0.0%
0.0%
0.2%
0.2%
0.4%
0.4%
6.6%
6.6%
23.7%
23.7%
44.2%
44.2%
23.6%
23.6%
0% 100.0%
% of Homes
Very Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

2,230

Pana Appreciation Rates

Rent & Ownership

Average Market Rent:

$925 / per month

Homeownership Rate

Owners
Renters
70.2%
70.2%
29.8%
29.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
18.8%
18.8%
81.2%
81.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.6%
6.6%
27.9%
27.9%
36.3%
36.3%
29.2%
29.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
77.9%
77.9%
0.8%
0.8%
4.1%
4.1%
8.6%
8.6%
8.6%
8.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
16.3%
16.3%
34.6%
34.6%
40.4%
40.4%
6.4%
6.4%
0.7%
0.7%
0% 100.0%
% of Homes

Popular Neighborhoods in Pana

Zip Codes in Pana, IL