Westchester appreciation rates and housing market information

Westchester housing market information

With 16,664 people, 7,058 houses or apartments, and a median cost of homes of $311,484, Westchester real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Westchester, accounting for 81.74% of the village's housing units. Other types of housing that are prevalent in Westchester include row houses and other attached homes (9.39%), duplexes, homes converted to apartments, or other small apartment buildings (7.85%), and a few large apartment complexes or high rise apartments (0.86%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Westchester. Owner-occupied housing accounts for 92.53% of Westchester's homes, and 59.53% have either three or four bedrooms, which is average sized relative to America.

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. Westchester's housing was primarily built during this period, from the '40s through the '60s. A full 77.33% of the village's housing hails from this era. Other housing ages represented in Westchester include homes built between 1970-1994 (18.12%), and housing constructed from 1939 and earlier (3.33%). There's also some housing in Westchester built between 1995 and later (1.22%).

Westchester home appreciation rates

Westchester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Westchester during the period has been just 5.74%, which is lower than % of US communities.

Over the last year, Westchester appreciation rates have trailed the rest of the nation. In the last twelve months, Westchester's appreciation rate has been -6.05%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Westchester were at -1.10%, which equates to an annual appreciation rate of -4.40%.

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

Relative to Illinois, our data show that Westchester's latest annual appreciation rate is higher than 2% of the other cities and towns in Illinois.