Lombard, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Lombard, IL Real Estate Data


Lombard Housing Market Information

With a population of 43,797, 17,565 total housing units (homes and apartments), and a median house value of $260,679, Lombard real estate is some of the most expensive in Illinois, although Lombard home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Lombard, accounting for 57.82% of the village's housing units. Other types of housing that are prevalent in Lombard include large apartment complexes or high rise apartments ( 31.36%), row houses and other attached homes ( 8.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.30%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lombard. Owner-occupied housing accounts for 72.35% of Lombard's homes, and 51.82% 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. Lombard's housing was primarily built during this period, from the '40s through the '60s. A full 41.04% of the village's housing hails from this era. Other housing ages represented in Lombard include homes built between 1970-1999 ( 40.43%) and housing constructed between 2000 and later ( 9.72%). There's also some housing in Lombard built before 1939 ( 8.81%).

Lombard Home Appreciation Rates

Lombard's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Lombard during the period has been just -1.87%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Lombard's appreciation rate, at 4.75%, has been at or slightly above the national average. In the latest quarter, Lombard's appreciation rate has been 0.93%, which annualizes to a rate of 3.78%.

Relative to Illinois, our data show that Lombard's latest annual appreciation rate is higher than 70% 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 Lombard differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lombard - 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 Lombard real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$260,679

Lombard, IL HOME PRICES

Value Range
> $1,132,000 0.1
$849,001 - $1,132,000 0.0
$566,001 - $849,000 2.8
$453,001 - $566,000 5.2
$340,001 - $453,000 14.6
$226,001 - $340,000 43.9
$113,001 - $226,000 24.3
$56,001 - $113,000 7.2
$0 - $56,000 1.9

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
20.7136997538966 13.2911392405063

Number Of Homes And Apartments:
17,565

Rent & Ownership

 

Average Market Rent:
$1,450 / per month

Homeownership Rate

Homeownership
Owners 72.35
Renters 27.65
Vacant 6.36

Housing Market Details

 

Age of Homes

AGE OF Lombard HOMES
2000 or Newer 9.7
1970 - 1999 40.4
1940 - 1969 41.0
1939 or Older 8.8

Types of Homes

TYPE OF Lombard HOMES
Single-Family 57.8
Townhomes 8.5
Small Apt. Buildings 2.3
Apt. Complexes 31.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Lombard HOMES
No Bedroom 1.50
1 Bedroom 13.97
2 Bedrooms 29.14
3 Bedrooms 34.88
4 Bedrooms 16.94
5 or more bedrooms 3.56

Lombard Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
30.99% 1.58% 7 3
* 10 is highest