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 6,782, 1,860 total housing units (homes and apartments), and a median house value of $153,847, house prices in Chester are solidly below the national average.
Single-family detached homes are the single most common housing type in Chester, accounting for 78.95% of the city's housing units. Other types of housing that are prevalent in Chester include large apartment complexes or high rise apartments ( 7.97%), duplexes, homes converted to apartments or other small apartment buildings ( 6.27%), and a few mobile homes or trailers ( 5.96%).
The most prevalent building size and type in Chester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 40.28% owning and 59.72% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Chester's housing was primarily built during this period, from the '40s through the '60s. A full 36.81% of the city's housing hails from this era. Other housing ages represented in Chester include homes built between 1970-1999 ( 30.18%) and housing constructed before 1939 ( 25.35%). There's also some housing in Chester built between 2000 and later ( 7.66%).
Vacant housing appears to be an issue in Chester. Fully 16.70% of the housing stock is classified as vacant. Left unchecked, vacant Chester homes and apartments can be a drag on the real estate market, holding Chester 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.
Real estate appreciation rates in Chester's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.83% during the period.
Appreciation rates are so strong in Chester that despite a nationwide downturn in the housing market, Chester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chester appreciation rates continue to be some of the highest in America, at 8.48%, which is higher than appreciation rates in 75.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chester. Chester appreciation rates in the latest quarter were at 1.42%, which equates to an annual appreciation rate of 5.82%.
Relative to Illinois, our data show that Chester's latest annual appreciation rate is higher than 60% of the other cities and towns in Illinois.
$153,847
for Illinois
for nation
1,860
$1,041 / per month