Urbana, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Urbana, IL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Urbana Housing Market Information

With 42,311 people, 15,578 houses or apartments, and a median cost of homes of $161,487, Urbana real estate and house prices are near the national average for all cities and towns.

Large apartment complexes or high rise apartments are the single most common housing type in Urbana, accounting for 47.12% of the city's housing units. Other types of housing that are prevalent in Urbana include single-family detached homes ( 39.80%), duplexes, homes converted to apartments or other small apartment buildings ( 7.90%), and a few row houses and other attached homes ( 4.80%). 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. 68.57% 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 ( 27.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.49%). There's also some housing in Urbana built before 1939 ( 13.23%).

Vacant housing appears to be an issue in Urbana. Fully 13.04% 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

Real estate appreciation rates in Urbana's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.28% during the period.

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 -1.62%, 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 -2.09%, which equates to an annual appreciation rate of -8.09%.

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 lower than 90% 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:
$161,487

Urbana, IL HOME PRICES

Value Range
> $1,024,000 0.0
$768,001 - $1,024,000 0.3
$512,001 - $768,000 0.8
$409,001 - $512,000 4.3
$307,001 - $409,000 14.1
$205,001 - $307,000 20.0
$102,001 - $205,000 34.8
$51,001 - $102,000 21.0
$0 - $51,000 4.7

High for IL
Average for Nation

Value Relative to Nation Value Relative to State
45.0310559006211 37.5949367088608

Number Of Homes And Apartments:
15,578

Urbana Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
31.16% 1.58% 7 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$943 / per month

Homeownership Rate

Homeownership
Owners 31.43
Renters 68.57
Vacant 13.04

Housing Market Details

 

Age of Homes

AGE OF Urbana HOMES
2000 or Newer 17.5
1970 - 1999 41.3
1940 - 1969 27.9
1939 or Older 13.2

Types of Homes

TYPE OF Urbana HOMES
Single-Family 39.8
Townhomes 4.8
Small Apt. Buildings 7.9
Apt. Complexes 47.1
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Urbana HOMES
No Bedroom 7.52
1 Bedroom 17.50
2 Bedrooms 32.21
3 Bedrooms 24.82
4 Bedrooms 14.54
5 or more bedrooms 3.39