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 16,729, 8,028 total housing units (homes and apartments), and a median house value of $193,585, house prices in Marion are solidly below the national average.
Single-family detached homes are the single most common housing type in Marion, accounting for 66.80% of the city's housing units. Other types of housing that are prevalent in Marion include duplexes, homes converted to apartments or other small apartment buildings ( 15.49%), large apartment complexes or high rise apartments ( 12.63%), and a few mobile homes or trailers ( 3.97%).
People in Marion primarily live in small (one, two or no bedroom) single-family detached homes. Marion has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Marion 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 Marion built between 2000 and later ( 23.74%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.61%). There's also some housing in Marion built before 1939 ( 14.63%).
Marion's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Marion during the period has been just 5.09%, which is lower than 80% of US communities.
Appreciation rates are so strong in Marion that despite a nationwide downturn in the housing market, Marion real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Marion appreciation rates continue to be some of the highest in America, at 19.70%, which is higher than appreciation rates in 99.38% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Marion. Marion appreciation rates in the latest quarter were at 8.94%, which equates to an annual appreciation rate of 40.85%.
Importantly, this makes Marion 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 Marion's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Marion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Marion - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Marion real estate investment or home purchase decisions.
$193,585
for Illinois
for nation
8,028
$1,366 / per month