Granite City, IL Real Estate Market
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 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Granite City, IL Housing Market Trends
With a population of 27,121, 11,304 total housing units (homes and apartments), and a median house value of $112,829, house prices in Granite City 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 Granite City, accounting for 78.71% of the city's housing units. Other types of housing that are prevalent in Granite City include duplexes, homes converted to apartments or other small apartment buildings ( 11.71%), large apartment complexes or high rise apartments ( 7.68%), and a few row houses and other attached homes ( 1.27%).
Dwellings in Granite City tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.77% of the homes in Granite City have two or fewer bedrooms.
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. Granite City's housing was primarily built during this period, from the '40s through the '60s. A full 55.30% of the city's housing hails from this era. Other housing ages represented in Granite City include homes built before 1939 ( 21.93%) and housing constructed between 1970-1999 ( 15.65%). There's also some housing in Granite City built between 2000 and later ( 7.12%).
Vacant housing appears to be an issue in Granite City. Fully 11.60% of the housing stock is classified as vacant. Left unchecked, vacant Granite City homes and apartments can be a drag on the real estate market, holding Granite City 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.
Granite City Home Appreciation Rates
Some of the lowest real estate appreciation rates in America over the last ten years have been in Granite City, where house values have increased just 47.77%, which is annualized rate of 3.98%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Granite City appreciation rates have trailed the rest of the nation. In the last twelve months, Granite City's appreciation rate has been 1.89%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Granite City were at 1.09%, which equates to an annual appreciation rate of 4.45%.
Relative to Illinois, our data show that Granite City's latest annual appreciation rate is lower than 90% 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 Granite City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Granite City - 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 Granite City real estate investment or home purchase decisions.
Median Home Value
$112,829
Very Low
for Illinois
Very Low
for nation
Number of Homes And Apartments:
11,304
IL
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,314 / per month