62839, Flora, IL

The home equity and home prices in the 62839 zip code of Flora, IL are reflective of the overall market conditions in this area. Over the past year, home values have increased by 2.5%, while the national average has seen a decrease of 0.9%. This trend is likely to continue as more people become aware of the benefits of owning a home and as interest rates remain low.

There are many factors that contribute to the value of a home, including location, size, condition, and features. In general, homes in desirable areas with good size and condition tend to be worth more than those located in less desirable areas or with less appealing features. The 62839 zip code is located in northwest Illinois within a metropolitan area that is growing rapidly due to its strong economy and job market. As a result, there is an increasing demand for homes here which has contributed to higher prices.

Another important factor affecting home values is interest rates. When interest rates are high (as they were during much of the recent recession), it makes it more expensive for people to borrow money to buy a house since mortgage payments are higher than when rates are lower (as they currently are). Since most people purchase their homes using mortgages or other forms of debt financing, rising interest rates can significantly reduce the value of someone's home – even if no changes have occurred with respect to actual property value. Consequently, it's important for buyers and sellers alike to stay informed about current interest rates so that they can make informed decisions about whether or not to buy or sell a property.