Princeton, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Princeton, IL Real Estate Data


Princeton Housing Market Information

With a population of 7,594, 3,545 total housing units (homes and apartments), and a median house value of $121,744, house prices in Princeton are solidly below the national average.

Single-family detached homes are the single most common housing type in Princeton, accounting for 73.51% of the city's housing units. Other types of housing that are prevalent in Princeton include duplexes, homes converted to apartments or other small apartment buildings ( 11.63%), large apartment complexes or high rise apartments ( 11.12%), and a few row houses and other attached homes ( 2.46%).

The most prevalent building size and type in Princeton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.36% owning and 35.64% 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. Princeton's housing was primarily built during this period, from the '40s through the '60s. A full 33.21% of the city's housing hails from this era. Other housing ages represented in Princeton include homes built before 1939 ( 29.91%) and housing constructed between 1970-1999 ( 29.61%). There's also some housing in Princeton built between 2000 and later ( 7.27%).

Vacant housing appears to be an issue in Princeton. Fully 10.21% of the housing stock is classified as vacant. Left unchecked, vacant Princeton homes and apartments can be a drag on the real estate market, holding Princeton 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.

Princeton Home Appreciation Rates

Princeton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Princeton during the period has been just -0.71%, which is lower than 70% of US communities.

Over the last year, Princeton appreciation rates have trailed the rest of the nation. In the last twelve months, Princeton's appreciation rate has been 4.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Princeton were at -0.08%, which equates to an annual appreciation rate of -0.30%.

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

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

Average Home Values

 

Median Home Value:
$121,744

Princeton, IL HOME PRICES

Value Range
> $1,038,000 0.0
$778,001 - $1,038,000 0.0
$520,001 - $778,000 0.2
$415,001 - $520,000 0.0
$311,001 - $415,000 1.3
$208,001 - $311,000 9.5
$104,001 - $208,000 50.4
$52,001 - $104,000 28.4
$0 - $52,000 10.2

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
65.3334894887861 57.4683544303797

Number Of Homes And Apartments:
3,545

Rent & Ownership

 

Average Market Rent:
$859 / per month

Homeownership Rate

Homeownership
Owners 64.36
Renters 35.64
Vacant 10.21

Housing Market Details

 

Age of Homes

AGE OF Princeton HOMES
2000 or Newer 7.3
1970 - 1999 29.6
1940 - 1969 33.2
1939 or Older 29.9

Types of Homes

TYPE OF Princeton HOMES
Single-Family 73.5
Townhomes 2.5
Small Apt. Buildings 11.6
Apt. Complexes 11.1
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Princeton HOMES
No Bedroom 2.08
1 Bedroom 13.65
2 Bedrooms 27.53
3 Bedrooms 37.26
4 Bedrooms 15.83
5 or more bedrooms 3.65

Princeton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
9.21% 0.52% 2 1
* 10 is highest

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