It’s no secret that home prices are rising in the U.S. Although they haven’t been rising as quickly and dramatically as they have in recent years, they are still reportedly predicted to rise by an additional 0.5% in 2024. There is.
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However, the number varies from state to state. In Illinois, prices have increased by 7% since last year. Currently, the average home price is $257,738. That’s lower than the country’s median home price of $495,100, but Illinois residents are likely feeling the pinch.
But not all cities in Illinois are seeing home price increases. Here’s a look at nine Illinois towns where prices have actually fallen over the past year.
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Benton
According to the 2020 Census, approximately 6,700 people live in Benton. In terms of housing units, there are only about 3,360 units, but prices are still low. The average home price in Benton is $101,005. This was a 12.5% ​​decrease compared to a year ago.
This town may look lonely, but it’s actually lively. In 1963, George Harrison of the Beatles actually vacationed in Benton to see his sister, just before the band really took off in America. After Ms. Harrison’s sister moved out, her home was turned into a bed and breakfast called “A Hard Day’s Night.”
west frankfort
West Frankfort has a population of just over 7,200 people. Residents love this quaint downtown area and say it’s a great place to raise a family or have friends over to escape the hustle and bustle. It’s also only 35-40 minutes from Chicago, so if you’re looking for a big-city experience, you’re not too far away.
In West Frankfort, home prices fell 11.2%, with the average home price at an incredibly affordable $84,551.
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martinsville
Homes here cost an average of $102,601, 8.6% less than homes cost a year ago. Martinsville is located on the southeast side of Illinois, and the closest major city is Indianapolis. Indiana’s capital city is just an hour and a half away by car.
One of Martinsville’s gems is the Moonshine Store, which serves burgers you’ll drive hours just to get a bite.
albion
Housing prices in Albion are very low. The average price of a home there is $84,202, down 7.5% from a year ago. As of 2020, the population was just under 2,000 people and the median household income was $55,848 per year.
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Karumi
“Visiting Carmi isn’t just about turning back the clock; it’s the perfect place in Southern Illinois to throw the clock away for good,” the town’s website boasts.Residents seem to like to keep things relaxed and low-key, which may explain why home prices haven’t risen significantly
Carmi home prices have fallen 6.8% since last year, with the average price of a home in the area at $78,388.
litchfield
With a population of 6,605 people, Litchfield is small, but not as small as some of the other cities on this list. Still, the website’s homepage reads “Keeping it Simple,” and it boasts of its brand as an ambassador of small-town living.
The average home price in Litchfield is $110,027. This is 6.6% lower than last year and much lower than the state average price.
fairfield
Fairfield calls itself “the home of the friendly people” and sounds very attractive, but housing prices remain low. In Fairfield, the average home price is $94,083. Compared to last year, it was 5.5% cheaper.
mason city
Mason City is located right in the middle of Illinois. Approximately 2,000 people live in this town. Mason City facilities include Hand of Fate Brewing Company and the Railsplitter Covered Wagon, the world’s largest covered wagon.
It costs on average $105,880 to own a home in Mason City. It has fallen 4.7% in the past year.
Gilman
According to the 2020 Census, Gilman has a population of just over 1,600 people. As you can see from this list, small towns can have lower home prices.
Gilman’s has fallen 4.6% from last year. This 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 fallen in these 9 cities
