Romeoville appreciation rates and housing market information
Romeoville housing market information
With a population of 39,931, 11,987 total housing units (homes and apartments), and a median house value of $168,404, Romeoville real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Romeoville, accounting for 70.10% of the village's housing units. Other types of housing that are prevalent in Romeoville include row houses and other attached homes (19.87%), large apartment complexes or high rise apartments (8.67%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Romeoville. Owner-occupied housing accounts for 90.08% of Romeoville's homes, and 73.15% have either three or four bedrooms, which is average sized relative to America.
Romeoville homes and real estate are some of the newest in America. 41.82% of Romeoville's housing was built since 2000, making the village have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Romeoville real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 (35.98%), and between 1940-1969 (21.87%).
Romeoville home appreciation rates
Appreciation rates for homes in Romeoville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 16.37%, which ranks in the top 50% nationwide. This equates to an annual average Romeoville house appreciation rate of 1.53%.
Appreciation rates are so strong in Romeoville that despite a nationwide downturn in the housing market, Romeoville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Romeoville appreciation rates continue to be some of the highest in America, at 5.65%, which is higher than appreciation rates in 76.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Romeoville. Romeoville appreciation rates in the latest quarter were at 1.65%, which equates to an annual appreciation rate of 6.75%.
Relative to Illinois, our data show that Romeoville's latest annual appreciation rate is higher than 80% 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 Romeoville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Romeoville - 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 Romeoville real estate investment or home purchase decisions.