Norridge, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Norridge Neighborhoods Since 2000




Norridge, IL Real Estate Data


Norridge Housing Market Information

With a population of 14,621, 5,506 total housing units (homes and apartments), and a median house value of $302,043, 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 76.53% of the village's housing units. Other types of housing that are prevalent in Norridge include large apartment complexes or high rise apartments ( 17.96%), duplexes, homes converted to apartments or other small apartment buildings ( 3.38%), and a few row houses and other attached homes ( 1.98%).

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 82.60% of Norridge's homes, and 65.09% 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 70.56% of the village's housing hails from this era. Other housing ages represented in Norridge include homes built between 1970-1999 ( 18.22%) and housing constructed before 1939 ( 7.60%). There's also some housing in Norridge built between 2000 and later ( 3.62%).

Norridge Home Appreciation Rates

Homes have actually lost value in Norridge over the last then years, as home values have seen a decline of 21.81% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norridge home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

Appreciation rates are so strong in Norridge that despite a nationwide downturn in the housing market, Norridge real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norridge appreciation rates continue to be some of the highest in America, at 6.01%, which is higher than appreciation rates in 74.31% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norridge. Norridge 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 Norridge's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$302,043

Norridge, IL HOME PRICES

Value Range
> $1,216,000 0.3
$912,001 - $1,216,000 0.5
$608,001 - $912,000 3.3
$486,001 - $608,000 4.7
$365,001 - $486,000 18.9
$243,001 - $365,000 46.8
$121,001 - $243,000 20.0
$61,001 - $121,000 2.2
$0 - $61,000 3.4

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
16.6832581835217 11.1392405063291

Number Of Homes And Apartments:
5,506

Rent & Ownership

 

Average Market Rent:
$1,215 / per month

Homeownership Rate

Homeownership
Owners 82.60
Renters 17.40
Vacant 8.20

Housing Market Details

 

Age of Homes

AGE OF Norridge HOMES
2000 or Newer 3.6
1970 - 1999 18.2
1940 - 1969 70.6
1939 or Older 7.6

Types of Homes

TYPE OF Norridge HOMES
Single-Family 76.5
Townhomes 2.0
Small Apt. Buildings 3.4
Apt. Complexes 18.0
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Norridge HOMES
No Bedroom 0.58
1 Bedroom 8.87
2 Bedrooms 23.02
3 Bedrooms 54.75
4 Bedrooms 10.34
5 or more bedrooms 2.43

Norridge 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
29.11% 1.51% 6 3
* 10 is highest