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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 6,706, 3,127 total housing units (homes and apartments), and a median house value of $141,198, house prices in Litchfield are solidly below the national average.
Single-family detached homes are the single most common housing type in Litchfield, accounting for 76.75% of the city's housing units. Other types of housing that are prevalent in Litchfield include large apartment complexes or high rise apartments ( 12.26%), duplexes, homes converted to apartments or other small apartment buildings ( 8.19%), and a few mobile homes or trailers ( 1.58%).
People in Litchfield primarily live in small (one, two or no bedroom) single-family detached homes. Litchfield has a mixture of owner-occupied and renter-occupied housing.
The housing in Litchfield was primarily built before 1939 ( 30.89%), making the housing stock in Litchfield some of the oldest overall in America, although there is a range of ages of homes in Litchfield. The next most important housing age is between 1940-1969 ( 29.25%), followed by between 1970-1999 ( 29.25%). There's also some housing in Litchfield built between 2000 and later ( 10.62%).
Litchfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Litchfield during the period has been just 5.22%, which is lower than 80% of US communities.
Appreciation rates are so strong in Litchfield that despite a nationwide downturn in the housing market, Litchfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Litchfield appreciation rates continue to be some of the highest in America, at 10.21%, which is higher than appreciation rates in 88.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Litchfield. Litchfield appreciation rates in the latest quarter were at 1.42%, which equates to an annual appreciation rate of 5.82%.
Relative to Illinois, our data show that Litchfield's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.
$141,198
for Illinois
for nation
3,127
$1,018 / per month