West Frankfort, IL 62896 housing market

What this means

• Valuation. Prices are 38% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 1.0% over the past year (U.S.: +1.2%), but still 16% below their 2022-23 peak.
• Supply. Listings are 51% below the 2017-19 norm and falling (−14% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is low (24/100; U.S.: 54): homes sell for about 4.2% below their final list price; 8% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 17% of the median household income (U.S.: 35%); it takes about $32k a year to keep the payment at 30% of gross pay. That includes about $1,696 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $186 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. Leaning up: likely −3% to +13% over the next 12 months (82% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −3.4% to +12.9% (80% range; middle estimate +5.9%), chance of a rise 82%, of a 5%+ drop 6%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

Other ZIP codes in Franklin County, IL