62401, Effingham, IL

Home equity is the difference between the market value of a home and the amount of money that a homeowner owes on their mortgage. The average home in Effingham, IL has a market value of $132,000 and an outstanding mortgage of $126,000. This leaves homeowners with a home equity of $8,000.

The Effingham area has seen an increase in home values over the past few years. In January 2016, the median home value was $127,500 and by January 2017 it had increased to $134,700. This trend is likely to continue as more people are moving into the area and finding that they can afford to buy homes here.

There are several factors that have contributed to this increase in home values. One is that there are relatively few homes for sale in Effingham right now which means that buyers have more competition for them. Additionally, many people who live in Effingham own their homes outright which gives them more security when buying than if they were buying with a mortgage. Finally, there has been an increase in demand for housing due to low interest rates and increasing wages across the country.