Carbondale-Marion, IL Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Carbondale-Marion, IL, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in single-family properties in the metropolitan statistical area. The HPI is a broad measure of the movement of single-family house prices and covers both purchase mortgages and refinancings.

The FHFA HPI for Carbondale-Marion, IL was 154.932 in December 2020, up from 153.737 in November 2020 and up from 151.064 in December 2019.

In 2020, the Carbondale-Marion metro area saw strong growth in home equity and home prices. The FHFA HPI for the metro area was 154.932 in December 2020, up from 153.737 in November 2020 and up from 151.064 in December 2019—an increase of 2% over the course of the year.

This increase is consistent with trends seen across the country; according to the National Association of Realtors (NAR), home prices nationwide rose by an average of 7% over the course of 2020 as demand for housing outstripped supply amid low interest rates and continued population growth.

The strong growth seen in Carbondale-Marion’s housing market is likely attributable to a number of factors, including its location within Illinois—a state that has been experiencing significant population growth in recent years—and its proximity to major metropolitan areas like St Louis, MO and Evansville, IN. Additionally, Marion County—which makes up a large portion of the metro area—has been experiencing strong job growth recently due to an influx of new businesses; this has likely contributed to increased demand for housing as well as higher prices.

Looking ahead to 2021, it seems likely that trends seen throughout 2020 will continue into the new year; NAR’s chief economist Lawrence Yun predicts that home prices will rise by an additional 5% nationwide as demand remains high while inventory remains tight