South Beloit, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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South Beloit, IL Real Estate Data


South Beloit Housing Market Information

With a population of 7,680, 2,865 total housing units (homes and apartments), and a median house value of $132,728, house prices in South Beloit are solidly below the national average.

Single-family detached homes are the single most common housing type in South Beloit, accounting for 67.31% of the city's housing units. Other types of housing that are prevalent in South Beloit include large apartment complexes or high rise apartments ( 12.93%), duplexes, homes converted to apartments or other small apartment buildings ( 9.07%), and a few mobile homes or trailers ( 5.34%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Beloit. Owner-occupied housing accounts for 70.73% of South Beloit's homes, and 56.39% have either three or four bedrooms, which is average sized relative to America.

South Beloit homes and real estate are some of the newest in America. 34.41% of South Beloit's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the South Beloit real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 31.76%), and between 1940-1969 ( 19.04%). There's also some housing in South Beloit built before 1939 ( 14.78%).

Vacant housing appears to be an issue in South Beloit. Fully 11.57% of the housing stock is classified as vacant. Left unchecked, vacant South Beloit homes and apartments can be a drag on the real estate market, holding South Beloit 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.

South Beloit Home Appreciation Rates

South Beloit's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in South Beloit during the period has been just -0.96%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, South Beloit's appreciation rate, at 5.32%, has been at or slightly above the national average. In the latest quarter, South Beloit's appreciation rate has been 4.27%, which annualizes to a rate of 18.21%.

Importantly, this makes South Beloit one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$132,728

South Beloit, IL HOME PRICES

Value Range
> $1,093,000 0.2
$820,001 - $1,093,000 0.0
$546,001 - $820,000 0.3
$437,001 - $546,000 0.2
$328,001 - $437,000 0.5
$218,001 - $328,000 8.1
$109,001 - $218,000 63.7
$55,001 - $109,000 16.4
$0 - $55,000 10.8

Average for IL
Average for Nation

Value Relative to Nation Value Relative to State
59.3078409556714 51.1392405063291

Number Of Homes And Apartments:
2,865

Rent & Ownership

 

Average Market Rent:
$794 / per month

Homeownership Rate

Homeownership
Owners 70.73
Renters 29.27
Vacant 11.57

Housing Market Details

 

Age of Homes

AGE OF South Beloit HOMES
2000 or Newer 34.4
1970 - 1999 31.8
1940 - 1969 19.0
1939 or Older 14.8

Types of Homes

TYPE OF South Beloit HOMES
Single-Family 67.3
Townhomes 5.2
Small Apt. Buildings 9.1
Apt. Complexes 12.9
Mobile Homes 5.3
Other 0.1

Home Size

SIZE OF South Beloit HOMES
No Bedroom 0.00
1 Bedroom 8.64
2 Bedrooms 34.51
3 Bedrooms 47.53
4 Bedrooms 8.86
5 or more bedrooms 0.46

South Beloit 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
13.75% 0.76% 3 1
* 10 is highest

Popular Neighborhoods in South Beloit

Zip Codes in South Beloit, IL