Peru, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Peru, IL Real Estate Data


Peru Housing Market Information

With a population of 9,952, 4,217 total housing units (homes and apartments), and a median house value of $127,980, house prices in Peru are solidly below the national average.

Single-family detached homes are the single most common housing type in Peru, accounting for 79.88% of the city's housing units. Other types of housing that are prevalent in Peru include large apartment complexes or high rise apartments ( 9.66%), duplexes, homes converted to apartments or other small apartment buildings ( 7.42%), and a few row houses and other attached homes ( 1.56%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Peru. Owner-occupied housing accounts for 71.03% of Peru's homes, and 57.01% have either three or four bedrooms, which is average sized relative to America.

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. Peru's housing was primarily built during this period, from the '40s through the '60s. A full 41.80% of the city's housing hails from this era. Other housing ages represented in Peru include homes built before 1939 ( 31.49%) and housing constructed between 1970-1999 ( 16.89%). There's also some housing in Peru built between 2000 and later ( 9.81%).

Vacant housing appears to be an issue in Peru. Fully 12.16% of the housing stock is classified as vacant. Left unchecked, vacant Peru homes and apartments can be a drag on the real estate market, holding Peru 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.

Peru Home Appreciation Rates

Peru's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Peru during the period has been just -1.14%, which is lower than 70% of US communities.

Over the last year, Peru appreciation rates have trailed the rest of the nation. In the last twelve months, Peru's appreciation rate has been 1.42%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Peru were at 0.35%, which equates to an annual appreciation rate of 1.40%.

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

Average Home Values

 

Median Home Value:
$127,980

Peru, IL HOME PRICES

Value Range
> $1,032,000 0.0
$774,001 - $1,032,000 0.0
$516,001 - $774,000 0.5
$413,001 - $516,000 1.6
$310,001 - $413,000 1.6
$206,001 - $310,000 10.1
$103,001 - $206,000 47.7
$51,001 - $103,000 31.5
$0 - $51,000 6.4

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
60.6996367045588 51.5189873417721

Number Of Homes And Apartments:
4,217

Rent & Ownership

 

Average Market Rent:
$762 / per month

Homeownership Rate

Homeownership
Owners 71.03
Renters 28.97
Vacant 12.16

Housing Market Details

 

Age of Homes

AGE OF Peru HOMES
2000 or Newer 9.8
1970 - 1999 16.9
1940 - 1969 41.8
1939 or Older 31.5

Types of Homes

TYPE OF Peru HOMES
Single-Family 79.9
Townhomes 1.6
Small Apt. Buildings 7.4
Apt. Complexes 9.7
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Peru HOMES
No Bedroom 3.17
1 Bedroom 10.16
2 Bedrooms 27.02
3 Bedrooms 43.80
4 Bedrooms 13.21
5 or more bedrooms 2.65

Peru Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
16.63% 0.90% 4 2
* 10 is highest