Illinois Housing Market 2024: Prices Have Dropped in These 9 Cities
It’s no secret home prices are going up in the U.S. Though prices are not rising as quickly and dramatically as they have in recent years, they’re still reportedly projected to go up another 0.5% in 2024.
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State by state, however, that number changes. In Illinois, prices have gone up 7% since last year. The average cost of a home there is currently $257,738. That is lower than the average cost of a house in the country, which is $495,100, but Illinois residents are probably feeling the pinch
But, not every city in Illinois is seeing a rise in home prices. Here’s a look at nine Illinois towns where prices have actually dropped over the past year.
Benton
Benton is home to about 6,700 people according to the 2020 Census. In terms of housing units, there are only about 3,360, but prices are still low. The average cost of a home in Benton is $101,005. That’s 12.5% less than a year ago.
Though this town might seem sleepy, it’s actually seen some liveliness. In 1963, George Harrison of The Beatles actually vacationed in Benton to visit his sister right before the band got really big in America. After Harrison’s sister moved, her home was turned into a bed and breakfast called A Hard Day’s Night.
West Frankfort
The population of West Frankfort is just over 7,200. Residents love the quaint downtown area, and say it’s a great place to raise a family or have friends come and visit to get away from the hustle and bustle. You’re also only 35-40 minutes from Chicago, so if you’re craving the big city it’s not too far away.
Home prices have fallen 11.2% in West Frankfort, bringing the average cost of a home there to an incredibly affordable $84,551.
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Martinsville
A home here will cost you $102,601 on average, which is 8.6% less than one would have cost you a year ago. Martinsville is on the southeast side of Illinois, with its closest large city being Indianapolis. The drive to Indiana’s capital would take you just about an hour and a half.
One of the gems of Martinsville is The Moonshine Store that serves burgers people drive for hours just to get a bite of.
Albion
Home prices in Albion are very low. The average cost of a home there is $84,202, which is 7.5% less than a year ago. As of 2020, the population was just under 2,000 people, with the median household income being $55,848 a year.
Visitors can enjoy a trip to Homestead Vineyards and a peaceful walk through Beall Woods State Park.
Carmi
“A visit to Carmi isn’t just turning back the clock, but a great place in southern Illinois to toss out the clock altogether,” boasts the town’s website. Residents seem to prefer to keep things relaxed and low-key, which might explain why there hasn’t been a huge rise in home prices
Housing prices in Carmi have dropped 6.8% from last year, bringing the average cost of a home in the area to $78,388.
Litchfield
With a population of 6,605, Litchfield is small, but not as small as some other cities on this list. Still, it brands itself as an ambassador of small town life, with its website displaying “Keeping it Simple” on the home page.
The average cost of a home in Litchfield is $110,027. That’s 6.6% less than last year, and much less than the state’s average price.
Fairfield
Fairfield calls itself “Home of the Friendly People,” which seems very inviting, but home prices have stayed low. A home will cost you $94,083 on average in Fairfield. Compared with last year, that’s 5.5% less expensive.
Mason City
Mason City is right in the middle of Illinois. The town has about 2,000 people in it. Sites in Mason City include the Hand of Fate Brewing Company and the Railsplitter Covered Wagon, which is the world’s largest covered wagon.
Owning a home in Mason City will cost $105,880 on average. That’s fallen 4.7% in the past year.
Gilman
Gilman is a town with just over 1,600 people according to the 2020 Census. As evidenced by this list, small towns can sometimes indicate lower home prices.
Gilman’s have fallen 4.6% since last year. That brings the average home price to $126,634.
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This article originally appeared on GOBankingRates.com: Illinois Housing Market 2024: Prices Have Dropped in These 9 Cities
