Elmwood Park appreciation rates and housing market information

Elmwood Park housing market information

With 25,405 people, 10,150 houses or apartments, and a median cost of homes of $315,357, Elmwood Park real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Elmwood Park, accounting for 50.01% of the village's housing units. Other types of housing that are prevalent in Elmwood Park include large apartment complexes or high rise apartments (26.93%), duplexes, homes converted to apartments, or other small apartment buildings (22.32%), and a few row houses and other attached homes (0.75%).

Dwellings in Elmwood Park tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 52.16% of the homes in Elmwood Park have two or fewer bedrooms.

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. Elmwood Park's housing was primarily built during this period, from the '40s through the '60s. A full 59.24% of the village's housing hails from this era. Other housing ages represented in Elmwood Park include homes built between 1939 and earlier (24.27%), and housing constructed from 1970-1994 (14.63%). There's also some housing in Elmwood Park built between 1995 and later (1.86%).

Elmwood Park home appreciation rates

Real estate appreciation rates in Elmwood Park have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 7.22% during the period.

Over the last year, Elmwood Park appreciation rates have trailed the rest of the nation. In the last twelve months, Elmwood Park's appreciation rate has been -4.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elmwood Park were at -0.73%, which equates to an annual appreciation rate of -2.92%.

Notably, Elmwood Park's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Elmwood Park's latest annual appreciation rate is higher than 15% 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 village. Individual neighborhoods within Elmwood Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elmwood Park - 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 1990, to assist you in making the best Elmwood Park real estate investment or home purchase decisions.