Decatur, IL Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Decatur, IL Housing Market Trends

With 70,746 people, 31,149 houses or apartments, and a median cost of homes of $94,084, house prices in Decatur 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 Decatur, accounting for 73.85% of the city's housing units. Other types of housing that are prevalent in Decatur include large apartment complexes or high rise apartments ( 16.58%), duplexes, homes converted to apartments or other small apartment buildings ( 5.54%), and a few mobile homes or trailers ( 2.51%).

People in Decatur primarily live in small (one, two or no bedroom) single-family detached homes. Decatur 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. Decatur's housing was primarily built during this period, from the '40s through the '60s. A full 45.55% of the city's housing hails from this era. Other housing ages represented in Decatur include homes built between 1970-1999 ( 28.45%) and housing constructed before 1939 ( 20.40%). There's also some housing in Decatur built between 2000 and later ( 5.59%).

Vacant housing appears to be an issue in Decatur. Fully 14.70% of the housing stock is classified as vacant. Left unchecked, vacant Decatur homes and apartments can be a drag on the real estate market, holding Decatur 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.

Decatur Home Appreciation Rates

Homes have actually lost value in Decatur over the last then years, as home values have seen a decline of 0.37% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Decatur home appreciation rates at 2.15%, which equates to an annual appreciation rate of 8.86%.

Over the last year, Decatur appreciation rates have trailed the rest of the nation. In the last twelve months, Decatur's appreciation rate has been 3.56%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Decatur were at 2.15%, which equates to an annual appreciation rate of 8.86%.

Relative to Illinois, our data show that Decatur's latest annual appreciation rate is lower than 50% 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 Decatur differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Decatur - 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 Decatur real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$94,084

Decatur, IL HOME PRICES

> $1,078,000
0.3%
0.3%
$808,001 - $1,078,000
0.2%
0.2%
$539,001 - $808,000
0.6%
0.6%
$431,001 - $539,000
0.4%
0.4%
$323,001 - $431,000
1.9%
1.9%
$216,001 - $323,000
4.6%
4.6%
$107,001 - $216,000
25.6%
25.6%
$54,001 - $107,000
35.0%
35.0%
$0 - $54,000
31.5%
31.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
31,149

Decatur Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
15.03% 0.67%
1
1
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$952 / per month

Homeownership Rate

Owners
58.4%
58.4%
Renters
41.6%
41.6%
Vacant
14.7%
14.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
5.6%
5.6%
1970 - 1999
28.5%
28.5%
1940 - 1969
45.6%
45.6%
1939 or Older
20.4%
20.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.9%
73.9%
Townhomes
1.4%
1.4%
Small Apt. Buildings
5.5%
5.5%
Apt. Complexes
16.6%
16.6%
Mobile Homes
2.5%
2.5%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
14.3%
14.3%
2 Bedrooms
33.7%
33.7%
3 Bedrooms
37.3%
37.3%
4 Bedrooms
11.3%
11.3%
5 or more bedrooms
1.9%
1.9%
0.0% 100.0%
% OF HOMES