Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 12,202, 5,485 total housing units (homes and apartments), and a median house value of $143,941, house prices in Herrin are solidly below the national average.
Single-family detached homes are the single most common housing type in Herrin, accounting for 71.61% of the city's housing units. Other types of housing that are prevalent in Herrin include duplexes, homes converted to apartments or other small apartment buildings ( 16.94%), large apartment complexes or high rise apartments ( 5.07%), and a few mobile homes or trailers ( 3.99%).
The most prevalent building size and type in Herrin are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.69% owning and 37.31% renting.
There is a lot of housing in Herrin built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Herrin built between 2000 and later ( 27.38%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.22%). There's also some housing in Herrin built before 1939 ( 20.92%).
Vacant housing appears to be an issue in Herrin. Fully 10.29% of the housing stock is classified as vacant. Left unchecked, vacant Herrin homes and apartments can be a drag on the real estate market, holding Herrin real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Herrin's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Herrin during the period has been just 4.71%, which is lower than 80% of US communities.
Appreciation rates are so strong in Herrin that despite a nationwide downturn in the housing market, Herrin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Herrin appreciation rates continue to be some of the highest in America, at 20.12%, which is higher than appreciation rates in 99.45% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Herrin. Herrin appreciation rates in the latest quarter were at 8.94%, which equates to an annual appreciation rate of 40.85%.
Importantly, this makes Herrin one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Illinois, our data show that Herrin's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.
$143,941
for Illinois
for nation
5,485
$1,383 / per month