62274, Pinckneyville, IL

The home equity and home prices in the 62274 zip code of Pinckneyville, IL are reflective of the overall market conditions in the area. The average home value in this zip code is $137,000, which is above the statewide average of $123,000. However, there is a significant disparity between values within this zip code and across the state as a whole. The median home value in Illinois is $161,500 while the median value in the 62274 zip code is only $130,000. This indicates that there are a greater number of homes for sale in this zip code than there are buyers interested in purchasing them.

In addition to being below average when compared to other areas of Illinois, Pinckneyville also has a high rate of homeownership. Nearly two-thirds (64%) of homes within this zip code are owned by their occupants, which is significantly higher than the statewide homeownership rate of 57%. This may be due to low rates of unemployment and poverty within this area or it could be indicative of strong underlying economic fundamentals. Regardless of why it exists, homeownership provides stability and security for residents and helps keep prices stable over time.

Despite these positive factors, there are some indications that price appreciation may not be sustained in the near future. For example, since 2007 sales have decreased by 8% while prices have only increased by 3%. Additionally, inventory levels have remained relatively static over this same period at around 2 months worth of inventory on average. These trends suggest that although prices have increased modestly over recent years they may not continue to do so indefinitely unless more homes come onto the market or existing homes sell faster than buyers can purchase them.