Metropolitan Statistical Area (MSA):
Effingham, IL is a Metropolitan Statistical Area (MSA) comprising counties including Effingham County.
There are many factors influencing the real estate market in the Effingham, IL metropolitan statistical area (MSA). The most significant drivers of the market are job growth, population growth, and interest rates.
Job growth in the MSA has been strong in recent years, averaging 2.4% annually from 2010 to 2015. This has led to population growth as people move to the area for work. The population of the MSA grew by 1.4% from 2010 to 2015.
Interest rates have a large impact on the housing market. They affect both buyers and sellers. When interest rates are low, buyers can afford more house and sellers can get more for their home when they sell. Interest rates have been at historic lows in recent years, which has helped to drive up prices in the housing market.
The combination of strong job growth, population growth, and low interest rates has led to a tight housing market in the Effingham MSA. There is high demand for housing but not enough supply to meet that demand. This has caused prices to rise rapidly in recent years. The median home price in the MSA was $142,000 in 2010 and rose to $186,000 by 2015, an increase of 31%.
Looking forward, it is expected that job and population growth will continue in the Effingham MSA. This will keep demand for housing high and prices are expected to continue rising at a healthy pace over the next few years