Pekin, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Pekin Neighborhoods Since 2000




Pekin, 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

Pekin Housing Market Information

With a population of 33,223, 13,964 total housing units (homes and apartments), and a median house value of $113,855, house prices in Pekin are solidly below the national average.

Single-family detached homes are the single most common housing type in Pekin, accounting for 72.76% of the city's housing units. Other types of housing that are prevalent in Pekin include large apartment complexes or high rise apartments ( 15.66%), duplexes, homes converted to apartments or other small apartment buildings ( 8.24%), and a few row houses and other attached homes ( 2.96%).

The most prevalent building size and type in Pekin are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.92% owning and 35.08% 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. Pekin's housing was primarily built during this period, from the '40s through the '60s. A full 43.38% of the city's housing hails from this era. Other housing ages represented in Pekin include homes built between 1970-1999 ( 29.33%) and housing constructed before 1939 ( 21.16%). There's also some housing in Pekin built between 2000 and later ( 6.13%).

Pekin Home Appreciation Rates

Real estate appreciation rates in Pekin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.23% during the period.

Over the last year, Pekin appreciation rates have trailed the rest of the nation. In the last twelve months, Pekin's appreciation rate has been -0.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Pekin were at -1.28%, which equates to an annual appreciation rate of -5.02%.

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

Relative to Illinois, our data show that Pekin's latest annual appreciation rate is lower than 90% 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 Pekin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pekin - 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 Pekin real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$113,855

Pekin, IL HOME PRICES

Value Range
> $1,006,000 0.2
$755,001 - $1,006,000 0.1
$503,001 - $755,000 0.2
$403,001 - $503,000 0.5
$302,001 - $403,000 1.5
$201,001 - $302,000 6.1
$101,001 - $201,000 39.2
$51,001 - $101,000 44.8
$0 - $51,000 7.6

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
69.0144146255713 61.6455696202532

Number Of Homes And Apartments:
13,964

Pekin 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
20.92% 1.11% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$757 / per month

Homeownership Rate

Homeownership
Owners 64.92
Renters 35.08
Vacant 7.80

Housing Market Details

 

Age of Homes

AGE OF Pekin HOMES
2000 or Newer 6.1
1970 - 1999 29.3
1940 - 1969 43.4
1939 or Older 21.2

Types of Homes

TYPE OF Pekin HOMES
Single-Family 72.8
Townhomes 3.0
Small Apt. Buildings 8.2
Apt. Complexes 15.7
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Pekin HOMES
No Bedroom 1.85
1 Bedroom 14.42
2 Bedrooms 31.55
3 Bedrooms 38.24
4 Bedrooms 11.36
5 or more bedrooms 2.57