Urbana, 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Urbana, IL Housing Market Trends

With 42,214 people, 16,742 houses or apartments, and a median cost of homes of $173,729, house prices in Urbana are solidly below the national average.

Large apartment complexes or high rise apartments are the single most common housing type in Urbana, accounting for 48.88% of the city's housing units. Other types of housing that are prevalent in Urbana include single-family detached homes ( 37.93%), duplexes, homes converted to apartments or other small apartment buildings ( 8.25%), and a few row houses and other attached homes ( 4.35%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Urbana is dominated by renter-occupied one, two, or no bedrooms apartments. 70.24% of Urbana's dwellings are rentals.

There is a lot of housing in Urbana built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Urbana built between 1940-1969 ( 26.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.13%). There's also some housing in Urbana built before 1939 ( 13.32%).

Vacant housing appears to be an issue in Urbana. Fully 12.68% of the housing stock is classified as vacant. Left unchecked, vacant Urbana homes and apartments can be a drag on the real estate market, holding Urbana 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.

Urbana Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Urbana, where house values have increased just 14.26%, which is annualized rate of 1.34%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Urbana appreciation rates have trailed the rest of the nation. In the last twelve months, Urbana's appreciation rate has been 5.75%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Urbana were at 1.88%, which equates to an annual appreciation rate of 7.72%.

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

Relative to Illinois, our data show that Urbana's latest annual appreciation rate is higher than 60% 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 Urbana differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Urbana - 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 Urbana real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$173,729

Urbana, IL HOME PRICES

> $1,162,000
0.0%
0.0%
$871,001 - $1,162,000
0.7%
0.7%
$581,001 - $871,000
0.9%
0.9%
$465,001 - $581,000
1.7%
1.7%
$349,001 - $465,000
11.6%
11.6%
$232,001 - $349,000
23.5%
23.5%
$116,001 - $232,000
36.0%
36.0%
$58,001 - $116,000
21.6%
21.6%
$0 - $58,000
4.1%
4.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for IL

Value Relative To Nation

Number Of Homes And Apartments:
16,742

Urbana Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
44.06% 1.71%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,052 / per month

Homeownership Rate

Owners
29.8%
29.8%
Renters
70.2%
70.2%
Vacant
12.7%
12.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
23.1%
23.1%
1970 - 1999
37.4%
37.4%
1940 - 1969
26.1%
26.1%
1939 or Older
13.3%
13.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
37.9%
37.9%
Townhomes
4.3%
4.3%
Small Apt. Buildings
8.2%
8.2%
Apt. Complexes
48.9%
48.9%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
20.3%
20.3%
1 Bedroom
13.5%
13.5%
2 Bedrooms
26.4%
26.4%
3 Bedrooms
24.5%
24.5%
4 Bedrooms
13.1%
13.1%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES