Norridge, IL Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norridge, IL Housing Market Trends

With a population of 14,152, 5,477 total housing units (homes and apartments), and a median house value of $322,215, Norridge real estate is some of the most expensive in Illinois, although Norridge home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Norridge, accounting for 73.27% of the village's housing units. Other types of housing that are prevalent in Norridge include large apartment complexes or high rise apartments ( 19.36%), duplexes, homes converted to apartments or other small apartment buildings ( 4.71%), and a few row houses and other attached homes ( 2.29%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Norridge. Owner-occupied housing accounts for 80.72% of Norridge's homes, and 63.27% 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. Norridge's housing was primarily built during this period, from the '40s through the '60s. A full 64.72% of the village's housing hails from this era. Other housing ages represented in Norridge include homes built between 1970-1999 ( 21.47%) and housing constructed before 1939 ( 7.85%). There's also some housing in Norridge built between 2000 and later ( 5.97%).

Norridge Home Appreciation Rates

Real estate appreciation rates in Norridge's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.11% during the period.

Over the last year, Norridge appreciation rates have trailed the rest of the nation. In the last twelve months, Norridge's appreciation rate has been 4.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norridge were at 1.88%, which equates to an annual appreciation rate of 7.74%.

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

Relative to Illinois, our data show that Norridge's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$322,215

Norridge, IL HOME PRICES

> $1,122,000
0.3%
0.3%
$842,001 - $1,122,000
0.8%
0.8%
$561,001 - $842,000
3.7%
3.7%
$449,001 - $561,000
7.8%
7.8%
$337,001 - $449,000
30.2%
30.2%
$224,001 - $337,000
42.1%
42.1%
$112,001 - $224,000
10.6%
10.6%
$56,001 - $112,000
2.3%
2.3%
$0 - $56,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
5,477

Norridge Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
42.69% 1.67%
6
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,472 / per month

Homeownership Rate

Owners
80.7%
80.7%
Renters
19.3%
19.3%
Vacant
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.0%
6.0%
1970 - 1999
21.5%
21.5%
1940 - 1969
64.7%
64.7%
1939 or Older
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
73.3%
73.3%
Townhomes
2.3%
2.3%
Small Apt. Buildings
4.7%
4.7%
Apt. Complexes
19.4%
19.4%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
9.2%
9.2%
2 Bedrooms
22.8%
22.8%
3 Bedrooms
50.5%
50.5%
4 Bedrooms
12.8%
12.8%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES