Aroma Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Aroma Park, IL Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Aroma Park Housing Market Information

With a population of 712, 239 total housing units (homes and apartments), and a median house value of $121,531, house prices in Aroma Park are solidly below the national average.

Single-family detached homes are the single most common housing type in Aroma Park, accounting for 92.25% of the village's housing units. Other types of housing that are prevalent in Aroma Park include duplexes, homes converted to apartments or other small apartment buildings ( 5.90%), row houses and other attached homes ( 1.85%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Aroma Park. Owner-occupied housing accounts for 83.26% of Aroma Park's homes, and 63.84% 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. Aroma Park's housing was primarily built during this period, from the '40s through the '60s. A full 45.39% of the village's housing hails from this era. Other housing ages represented in Aroma Park include homes built before 1939 ( 30.26%) and housing constructed between 1970-1999 ( 21.77%). There's also some housing in Aroma Park built between 2000 and later ( 2.58%).

Vacant housing appears to be an issue in Aroma Park. Fully 11.81% of the housing stock is classified as vacant. Left unchecked, vacant Aroma Park homes and apartments can be a drag on the real estate market, holding Aroma Park 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.

Aroma Park Home Appreciation Rates

Aroma Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Aroma Park during the period has been just -1.56%, which is lower than 80% of US communities.

Over the last year, Aroma Park appreciation rates have trailed the rest of the nation. In the last twelve months, Aroma Park's appreciation rate has been -0.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Aroma Park were at -1.84%, which equates to an annual appreciation rate of -7.15%.

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

Relative to Illinois, our data show that Aroma Park's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$121,531

Aroma Park, IL HOME PRICES

Value Range
> $988,000 0.6
$741,001 - $988,000 0.3
$494,001 - $741,000 0.5
$395,001 - $494,000 0.8
$296,001 - $395,000 2.0
$197,001 - $296,000 17.3
$99,001 - $197,000 54.4
$49,001 - $99,000 19.6
$0 - $49,000 4.6

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
64.5728348763624 55.6962025316456

Number Of Homes And Apartments:
239

Aroma Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
12.45% 0.68% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,211 / per month

Homeownership Rate

Homeownership
Owners 83.26
Renters 16.74
Vacant 11.81

Housing Market Details

 

Age of Homes

AGE OF Aroma Park HOMES
2000 or Newer 2.6
1970 - 1999 21.8
1940 - 1969 45.4
1939 or Older 30.3

Types of Homes

TYPE OF Aroma Park HOMES
Single-Family 92.3
Townhomes 1.8
Small Apt. Buildings 5.9
Apt. Complexes 0.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Aroma Park HOMES
No Bedroom 1.11
1 Bedroom 5.54
2 Bedrooms 27.31
3 Bedrooms 55.72
4 Bedrooms 8.12
5 or more bedrooms 2.21

Popular Neighborhoods in Aroma Park

Zip Codes in Aroma Park, IL