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 8,903 people, 3,465 houses or apartments, and a median cost of homes of $276,272, Savoy real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Savoy, accounting for 42.48% of the village's housing units. Other types of housing that are prevalent in Savoy include large apartment complexes or high rise apartments ( 36.89%), row houses and other attached homes ( 12.45%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.18%).
The most prevalent building size and type in Savoy are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 56.47% owning and 43.53% renting.
There is a lot of housing in Savoy 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 Savoy built between 2000 and later ( 39.21%). A lesser amount of the housing stock also hails from between 1940-1969 ( 6.60%). There's also some housing in Savoy built before 1939 ( 1.45%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Savoy, where house values have increased just 35.01%, which is annualized rate of 3.05%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Savoy that despite a nationwide downturn in the housing market, Savoy real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Savoy appreciation rates continue to be some of the highest in America, at 6.82%, which is higher than appreciation rates in 73.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Savoy. Savoy appreciation rates in the latest quarter were at 0.81%, which equates to an annual appreciation rate of 3.27%.
Relative to Illinois, our data show that Savoy's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.
$276,272
for Illinois
for nation
3,465
$1,420 / per month