West Frankfort, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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West Frankfort, IL Real Estate Data


West Frankfort Housing Market Information

With a population of 8,067, 3,407 total housing units (homes and apartments), and a median house value of $69,991, house prices in West Frankfort are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in West Frankfort, accounting for 76.56% of the city's housing units. Other types of housing that are prevalent in West Frankfort include duplexes, homes converted to apartments or other small apartment buildings ( 10.51%), large apartment complexes or high rise apartments ( 7.69%), and a few mobile homes or trailers ( 3.44%).

People in West Frankfort primarily live in small (one, two or no bedroom) single-family detached homes. West Frankfort has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. West Frankfort's housing was primarily built during this period, from the '40s through the '60s. A full 36.52% of the city's housing hails from this era. Other housing ages represented in West Frankfort include homes built before 1939 ( 30.85%) and housing constructed between 1970-1999 ( 28.66%). There's also some housing in West Frankfort built between 2000 and later ( 3.97%).

Vacant housing appears to be an issue in West Frankfort. Fully 13.29% of the housing stock is classified as vacant. Left unchecked, vacant West Frankfort homes and apartments can be a drag on the real estate market, holding West Frankfort 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.

West Frankfort Home Appreciation Rates

In the last 10 years, West Frankfort has experienced some of the highest home appreciation rates of any community in the nation. West Frankfort real estate appreciated 30.21% over the last ten years, which is an average annual home appreciation rate of 2.68%, putting West Frankfort in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, West Frankfort definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in West Frankfort that despite a nationwide downturn in the housing market, West Frankfort real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Frankfort appreciation rates continue to be some of the highest in America, at 5.81%, which is higher than appreciation rates in 71.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Frankfort. West Frankfort appreciation rates in the latest quarter were at -0.08%, which equates to an annual appreciation rate of -0.30%.

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

Relative to Illinois, our data show that West Frankfort's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$69,991

West Frankfort, IL HOME PRICES

Value Range
> $1,161,000 0.2
$871,001 - $1,161,000 0.0
$581,001 - $871,000 0.1
$464,001 - $581,000 1.2
$349,001 - $464,000 0.4
$232,001 - $349,000 3.0
$116,001 - $232,000 16.9
$58,001 - $116,000 37.3
$0 - $58,000 41.0

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
95.5964162323593 95.0632911392405

Number Of Homes And Apartments:
3,407

Rent & Ownership

 

Average Market Rent:
$656 / per month

Homeownership Rate

Homeownership
Owners 61.49
Renters 38.51
Vacant 13.29

Housing Market Details

 

Age of Homes

AGE OF West Frankfort HOMES
2000 or Newer 4.0
1970 - 1999 28.7
1940 - 1969 36.5
1939 or Older 30.8

Types of Homes

TYPE OF West Frankfort HOMES
Single-Family 76.6
Townhomes 1.8
Small Apt. Buildings 10.5
Apt. Complexes 7.7
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF West Frankfort HOMES
No Bedroom 2.47
1 Bedroom 13.54
2 Bedrooms 36.83
3 Bedrooms 36.47
4 Bedrooms 9.16
5 or more bedrooms 1.53

West Frankfort 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
74.76% 3.34% 10 9
* 10 is highest

Popular Neighborhoods in West Frankfort

Zip Codes in West Frankfort, IL