Metropolitan Statistical Area (MSA):
Macomb, IL is a Metropolitan Statistical Area (MSA) comprising counties including McDonough County.
There is no doubt that the real estate market in the Macomb, IL metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching record highs in 2006 and 2007, prices plummeted during the Great Recession and have only recently begun to rebound. Despite these ups and downs, there are some clear trends emerging that could have a significant impact on the future of the housing market in this region.
One of the most notable trends is the increasing popularity of rental properties. This is likely due to a combination of factors, including stricter lending standards that make it harder for buyers to obtain financing, as well as a general increase in economic uncertainty that has made people more hesitant to commit to purchasing a home. Whatever the reasons, this trend could have a major impact on prices going forward, as more landlords enter the market and compete for tenants.
Another trend that is becoming apparent is an increase in demand for smaller homes. This could be due to changing demographics, with more young adults and empty-nesters looking for homes that are easier to maintain and don't require as much space. Additionally, many people are now looking for homes that offer more amenities than traditional single-family homes, such as access to pools or fitness centers. As a result of this shift in demand, we are seeing an increase in new construction of smaller homes and condo complexes offering these types of amenities.
Finally, another important trend to watch is the growing number of "boomerang buyers" who are reentering the housing market after having lost their homes to foreclosure during the recession. These buyers often have damaged credit scores and limited savings, so they may be more inclined to rent rather than purchase again. However, as they begin to rebuild their finances and credit histories, many will eventually look to buy once again – potentially driving up prices in areas where they are active buyers.
All of these trends point to a housing market that is still very much in flux. Prices could continue to rise or fall depending on economic conditions and changing consumer preferences. However, one thing seems certain – there will be plenty of opportunities for both buyers and sellers in Macomb's housing market for years to come