62326, Colchester, IL

The Colchester, IL 62326 zip code has a median home value of $119,000 and a median home equity of $86,000. This means that the majority of homes in this zip code are worth more than their original purchase price, but there is still a significant number of homes that are worth less than their original purchase price. In addition, the average home value in this zip code has increased by 5% over the past year.

One reason for this increase in home values may be due to the fact that Colchester is located in an area that is growing rapidly. The population of Colchester has grown by 10% over the past five years and is projected to grow by another 10% over the next five years. This growth will likely result in more people buying and selling homes, which will lead to an increase in home prices.

Another reason for the increase in home values may be due to low interest rates. Interest rates have been at historic lows for many years now, which has made it easier for people to borrow money and buy homes. Low interest rates also make it more affordable for people to refinance their homes or take out new loans on their homes. As a result, more homeowners are able to sell their homes at higher prices than they would have been able to if interest rates were higher.