Norridge, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norridge Neighborhoods Since 2000




Norridge, IL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Norridge Housing Market Information

With 14,621 people, 5,259 houses or apartments, and a median cost of homes of $283,730, 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 75.72% of the village's housing units. Other types of housing that are prevalent in Norridge include large apartment complexes or high rise apartments ( 19.29%), duplexes, homes converted to apartments or other small apartment buildings ( 3.32%), and a few row houses and other attached homes ( 1.53%).

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 81.24% of Norridge's homes, and 65.19% 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 69.19% of the village's housing hails from this era. Other housing ages represented in Norridge include homes built between 1970-1999 ( 18.47%) and housing constructed before 1939 ( 7.61%). There's also some housing in Norridge built between 2000 and later ( 4.73%).

Norridge Home Appreciation Rates

Homes have actually lost value in Norridge over the last then years, as home values have seen a decline of 25.41% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norridge home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

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 2.00%, 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 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Norridge's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$283,730

Norridge, IL HOME PRICES

Value Range
> $1,152,000 0.1
$864,001 - $1,152,000 0.4
$576,001 - $864,000 3.2
$461,001 - $576,000 4.4
$346,001 - $461,000 17.7
$230,001 - $346,000 49.2
$115,001 - $230,000 19.1
$58,001 - $115,000 2.8
$0 - $58,000 3.1

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
18.0592991913747 11.5189873417722

Number Of Homes And Apartments:
5,259

Norridge Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
23.12% 1.21% 5 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,201 / per month

Homeownership Rate

Homeownership
Owners 81.24
Renters 18.76
Vacant 8.46

Housing Market Details

 

Age of Homes

AGE OF Norridge HOMES
2000 or Newer 4.7
1970 - 1999 18.5
1940 - 1969 69.2
1939 or Older 7.6

Types of Homes

TYPE OF Norridge HOMES
Single-Family 75.7
Townhomes 1.5
Small Apt. Buildings 3.3
Apt. Complexes 19.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Norridge HOMES
No Bedroom 1.41
1 Bedroom 8.86
2 Bedrooms 21.88
3 Bedrooms 53.59
4 Bedrooms 11.59
5 or more bedrooms 2.66