62821, Carmi, IL

The Carmi zip code of 62821 has a population of just over 10,000 people and an average home value of just over $200,000. Home equity in this zip code is very high, with nearly two-thirds (64%) of households owning their homes outright or with a mortgage that is less than 90% of the value of the home. This high level of homeownership is likely due to the relatively low cost of living in Carmi and the strong economy overall.

Home prices in Carmi have been on an upward trend for several years now, reaching a peak in 2017 before starting to decline slightly in 2018. The median home price in the zip code currently stands at $206,500, which is up from $202,500 during the same time period last year. While there may be some fluctuations from month to month, it appears that overall prices are continuing to rise in this area.

One reason for this sustained increase in home values may be the strong economy overall. Carmi has consistently had one of the highest job growth rates in Illinois over the past few years and as a result there are more people looking to buy homes here. Additionally, many people who live in Carmi own their homes outright or with a mortgage that is less than 90% of the value of their home which helps keep prices stable even if interest rates go up slightly from time to time.