Urbana, IL Housing Market Trends
With 38,209 people, 16,425 houses or apartments, and a median cost of homes of $242,471, 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 49.44% of the city's housing units. Other types of housing that are prevalent in Urbana include single-family detached homes ( 36.88%), duplexes, homes converted to apartments or other small apartment buildings ( 8.57%), and a few row houses and other attached homes ( 4.73%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Urbana is dominated by renter-occupied one, two, or no bedrooms apartments. 70.57% 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 2000 and later ( 25.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 25.46%). There's also some housing in Urbana built before 1939 ( 12.34%).
Vacant housing appears to be an issue in Urbana. Fully 13.57% 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
Urbana's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Urbana during the period has been just 4.82%, which is lower than 80% of US communities.
Appreciation rates are so strong in Urbana that despite a nationwide downturn in the housing market, Urbana real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Urbana appreciation rates continue to be some of the highest in America, at 9.12%, which is higher than appreciation rates in 72.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Urbana. Urbana appreciation rates in the latest quarter were at 1.61%, which equates to an annual appreciation rate of 6.62%.
Relative to Illinois, our data show that Urbana's latest annual appreciation rate is lower than 70% 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.
Median Home Value
$242,471
Average
for Illinois
Low
for nation
Number of Homes And Apartments:
16,425
IL
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,320 / per month