Gillespie, 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 Q2 2021. 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

Gillespie, IL Housing Market Trends

With 3,088 people, 1,378 houses or apartments, and a median cost of homes of $106,700, house prices in Gillespie are solidly below the national average.

Single-family detached homes are the single most common housing type in Gillespie, accounting for 90.46% of the city's housing units. Other types of housing that are prevalent in Gillespie include duplexes, homes converted to apartments or other small apartment buildings ( 7.97%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Gillespie. Owner-occupied housing accounts for 71.41% of Gillespie's homes, and 53.70% have either three or four bedrooms, which is average sized relative to America.

The housing in Gillespie was primarily built before 1939 ( 38.27%), making the housing stock in Gillespie some of the oldest overall in America, although there is a range of ages of homes in Gillespie. The next most important housing age is between 1940-1969 ( 30.74%), followed by between 1970-1999 ( 24.09%). There's also some housing in Gillespie built between 2000 and later ( 6.90%).

Vacant housing appears to be an issue in Gillespie. Fully 13.55% of the housing stock is classified as vacant. Left unchecked, vacant Gillespie homes and apartments can be a drag on the real estate market, holding Gillespie 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.

Gillespie Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Gillespie, where house values have increased just 14.53%, which is annualized rate of 1.37%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Gillespie appreciation rates have trailed the rest of the nation. In the last twelve months, Gillespie's appreciation rate has been 4.97%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gillespie were at 2.14%, which equates to an annual appreciation rate of 8.83%.

Relative to Illinois, our data show that Gillespie's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$106,700

Gillespie, IL HOME PRICES

> $1,095,000
0.0%
0.0%
$821,001 - $1,095,000
0.0%
0.0%
$547,001 - $821,000
0.0%
0.0%
$438,001 - $547,000
0.0%
0.0%
$328,001 - $438,000
0.6%
0.6%
$219,001 - $328,000
5.9%
5.9%
$109,001 - $219,000
30.1%
30.1%
$55,001 - $109,000
47.5%
47.5%
$0 - $55,000
15.8%
15.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
1,378

Gillespie Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
41.90% 1.64%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$853 / per month

Homeownership Rate

Owners
71.4%
71.4%
Renters
28.6%
28.6%
Vacant
13.6%
13.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.9%
6.9%
1970 - 1999
24.1%
24.1%
1940 - 1969
30.7%
30.7%
1939 or Older
38.3%
38.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
90.5%
90.5%
Townhomes
0.9%
0.9%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
0.0%
0.0%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
6.5%
6.5%
2 Bedrooms
39.2%
39.2%
3 Bedrooms
40.7%
40.7%
4 Bedrooms
13.0%
13.0%
5 or more bedrooms
0.6%
0.6%
0.0% 100.0%
% OF HOMES