Elmwood Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elmwood Park, IL Real Estate Data


Elmwood Park Housing Market Information

With a population of 24,840, 9,372 total housing units (homes and apartments), and a median house value of $245,447, 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 51.07% of the village's housing units. Other types of housing that are prevalent in Elmwood Park include large apartment complexes or high rise apartments ( 26.08%), duplexes, homes converted to apartments or other small apartment buildings ( 22.25%).

Dwellings in Elmwood Park tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 53.74% 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 53.06% of the village's housing hails from this era. Other housing ages represented in Elmwood Park include homes built before 1939 ( 28.45%) and housing constructed between 1970-1999 ( 15.07%). There's also some housing in Elmwood Park built between 2000 and later ( 3.42%).

Elmwood Park Home Appreciation Rates

Homes have actually lost value in Elmwood Park over the last then years, as home values have seen a decline of 27.58% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Elmwood Park home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

Appreciation rates are so strong in Elmwood Park that despite a nationwide downturn in the housing market, Elmwood Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elmwood Park appreciation rates continue to be some of the highest in America, at 6.12%, which is higher than appreciation rates in 75.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elmwood Park. Elmwood Park appreciation rates in the latest quarter were at 1.63%, which equates to an annual appreciation rate of 6.69%.

Relative to Illinois, our data show that Elmwood Park's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Elmwood Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$245,447

Elmwood Park, IL HOME PRICES

Value Range
> $1,169,000 0.3
$877,001 - $1,169,000 0.2
$584,001 - $877,000 2.1
$467,001 - $584,000 4.3
$351,001 - $467,000 11.2
$234,001 - $351,000 37.7
$117,001 - $234,000 29.0
$58,001 - $117,000 9.2
$0 - $58,000 6.0

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
23.8449376354161 17.5949367088608

Number Of Homes And Apartments:
9,372

Rent & Ownership

 

Average Market Rent:
$1,120 / per month

Homeownership Rate

Homeownership
Owners 66.96
Renters 33.04
Vacant 8.16

Housing Market Details

 

Age of Homes

AGE OF Elmwood Park HOMES
2000 or Newer 3.4
1970 - 1999 15.1
1940 - 1969 53.1
1939 or Older 28.4

Types of Homes

TYPE OF Elmwood Park HOMES
Single-Family 51.1
Townhomes 0.6
Small Apt. Buildings 22.3
Apt. Complexes 26.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Elmwood Park HOMES
No Bedroom 2.59
1 Bedroom 14.24
2 Bedrooms 36.91
3 Bedrooms 31.42
4 Bedrooms 11.96
5 or more bedrooms 2.88

Elmwood Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
19.12% 1.03% 4 2
* 10 is highest