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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 a population of 38,468, 16,022 total housing units (homes and apartments), and a median house value of $213,277, 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 50.60% of the city's housing units. Other types of housing that are prevalent in Urbana include single-family detached homes ( 36.29%), duplexes, homes converted to apartments or other small apartment buildings ( 8.42%), and a few row houses and other attached homes ( 4.25%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Urbana is dominated by renter-occupied one, two, or no bedrooms apartments. 72.02% 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 2000 and later ( 26.14%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.97%). There's also some housing in Urbana built before 1939 ( 11.75%).

Vacant housing appears to be an issue in Urbana. Fully 12.79% 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 46.88%, which is annualized rate of 3.92%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Urbana's appreciation rate, at 4.17%, has been at or slightly above the national average. In the latest quarter, Urbana's appreciation rate has been 12.63%, which annualizes to a rate of 60.93%.

Importantly, NeighborhoodScout’s exclusive research found that Urbana's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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

$213,277

Urbana, IL Home Prices
> $1,444,000
$1,083,001 - $1,444,000
$722,001 - $1,083,000
$578,001 - $722,000
$433,001 - $578,000
$289,001 - $433,000
$144,001 - $289,000
$72,001 - $144,000
$0 - $72,000
0.1%
0.1%
0.0%
0.0%
0.7%
0.7%
1.9%
1.9%
4.5%
4.5%
21.0%
21.0%
43.4%
43.4%
22.9%
22.9%
5.6%
5.6%
0% 100.0%
% of Homes
High

for Illinois

Average

for nation

Number of Homes And Apartments:

16,022

Urbana Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,420 / per month

Homeownership Rate

Owners
Renters
Vacant
28.0%
28.0%
72.0%
72.0%
12.8%
12.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
26.1%
26.1%
37.1%
37.1%
25.0%
25.0%
11.7%
11.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
36.3%
36.3%
4.2%
4.2%
8.4%
8.4%
50.6%
50.6%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
10.6%
10.6%
17.6%
17.6%
33.2%
33.2%
21.2%
21.2%
15.6%
15.6%
1.9%
1.9%
0% 100.0%
% of Homes