Metropolitan Statistical Area (MSA):
Lincoln, IL is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Lincoln, IL metropolitan statistical area (MSA) has seen some drastic changes in the housing market over the past few years. The most notable change has been the decrease in home values. According to Zillow, the median home value in Lincoln was $128,000 in September of 2019, which is down nearly 12% from the peak value of $144,000 reached just two years prior.
This decrease in home values can be attributed to a number of factors, but the most likely cause is the decrease in demand for housing in the area. This decrease in demand can be traced back to a number of different factors as well, but chief among them is the loss of jobs in the area. According to The Pantagraph, Lincoln lost over 1,200 jobs between 2015 and 2017 due to plant closures and layoffs at companies such as Caterpillar and Mitsubishi. This loss of jobs has led to a decrease in population as well, as people have moved away from Lincoln in search of employment elsewhere.
With fewer people looking to buy homes and more homes on the market than there are buyers, it's no surprise that home values have decreased. It's also worth noting that this trend is not unique to Lincoln; many other cities and towns across Illinois (and indeed, across the country) have seen similar decreases in home values over the past few years.
It's difficult to say what the future holds for Lincoln's housing market, but it seems unlikely that values will rebound anytime soon. If you're thinking about buying a home in Lincoln (or anywhere else), it's important to be aware of these trends and factor them into your decision-making process.