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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 52,838 people, 19,658 houses or apartments, and a median cost of homes of $265,188, Normal real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Normal, accounting for 48.05% of the town's housing units. Other types of housing that are prevalent in Normal include large apartment complexes or high rise apartments ( 35.63%), duplexes, homes converted to apartments or other small apartment buildings ( 7.87%), and a few row houses and other attached homes ( 6.37%).
The most prevalent building size and type in Normal are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 49.12% owning and 50.89% renting.
There is a lot of housing in Normal built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Normal built between 2000 and later ( 27.71%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.69%). There's also some housing in Normal built before 1939 ( 4.09%).
Vacant housing appears to be an issue in Normal. Fully 10.46% of the housing stock is classified as vacant. Left unchecked, vacant Normal homes and apartments can be a drag on the real estate market, holding Normal 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Normal, where house values have increased just 47.45%, which is annualized rate of 3.96%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Normal that despite a nationwide downturn in the housing market, Normal real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Normal appreciation rates continue to be some of the highest in America, at 6.68%, which is higher than appreciation rates in 72.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Normal. Normal appreciation rates in the latest quarter were at -1.96%, which equates to an annual appreciation rate of -7.61%.
Notably, Normal's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Illinois, our data show that Normal'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 town. Individual neighborhoods within Normal differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Normal - 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 Normal real estate investment or home purchase decisions.
$265,188
for Illinois
for nation
19,658
$1,470 / per month