62631, Concord, IL

The Concord, Illinois zip code of 62631 has a median home value of $151,000 and a median home equity value of $106,000. These values are significantly higher than the Illinois zip code median home value of $119,500 and the Illinois zip code median home equity value of $81,700. The Concord, Illinois zip code has a lower than average percentage of homeowners with negative equity (less than 20%) at 5%. This is in contrast to the Illinois zip code where over 30% of homeowners have negative equity.

One reason for this discrepancy may be that Concord has a higher percentage of owner-occupied homes (69%) compared to the Illinois zip code (55%). Additionally, Concord has a lower percentage of renters (22%) compared to the Illinois zip code (30%). This may account for some of the difference in homeowner equity levels.

Another factor that could contribute to the difference in homeowner equity levels between Concord and other areas in Illinois is that Concord's housing market is more stable. Over 60% of homes in Concord have been on the market for fewer than five days which is below average for both IL and US ZIP codes. In addition, there have been only three months since 2006 where more than 10%of homes were sold in less than 30 days. These factors could help keep prices stable and protect homeowners' investments.