Romeoville, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Romeoville, IL Real Estate Data


Romeoville Housing Market Information

With 39,719 people, 11,745 houses or apartments, and a median cost of homes of $199,823, Romeoville real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Romeoville, accounting for 71.19% of the village's housing units. Other types of housing that are prevalent in Romeoville include row houses and other attached homes ( 20.23%), large apartment complexes or high rise apartments ( 6.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Romeoville. Owner-occupied housing accounts for 81.34% of Romeoville's homes, and 73.45% have either three or four bedrooms, which is average sized relative to America.

Romeoville homes and real estate are some of the newest in America. 44.55% of Romeoville's housing was built since 2000, making the village have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Romeoville real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 34.67%), and between 1940-1969 ( 19.81%).

Romeoville Home Appreciation Rates

Homes have actually lost value in Romeoville over the last then years, as home values have seen a decline of 19.92% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Romeoville home appreciation rates at 1.26%, which equates to an annual appreciation rate of 5.15%.

Appreciation rates are so strong in Romeoville that despite a nationwide downturn in the housing market, Romeoville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Romeoville appreciation rates continue to be some of the highest in America, at 6.49%, which is higher than appreciation rates in 76.69% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Romeoville. Romeoville appreciation rates in the latest quarter were at 1.26%, which equates to an annual appreciation rate of 5.15%.

Relative to Illinois, our data show that Romeoville's latest annual appreciation rate is higher than 90% 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 Romeoville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Romeoville - 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 Romeoville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$199,823

Romeoville, IL HOME PRICES

Value Range
> $1,207,000 0.1
$905,001 - $1,207,000 0.0
$604,001 - $905,000 0.0
$483,001 - $604,000 0.8
$362,001 - $483,000 2.1
$242,001 - $362,000 26.1
$120,001 - $242,000 62.5
$60,001 - $120,000 7.1
$0 - $60,000 1.2

High for IL
High for Nation

Value Relative to Nation Value Relative to State
31.9934372436423 24.3037974683544

Number Of Homes And Apartments:
11,745

Rent & Ownership

 

Average Market Rent:
$1,854 / per month

Homeownership Rate

Homeownership
Owners 81.34
Renters 18.66
Vacant 8.56

Housing Market Details

 

Age of Homes

AGE OF Romeoville HOMES
2000 or Newer 44.6
1970 - 1999 34.7
1940 - 1969 19.8
1939 or Older 1.0

Types of Homes

TYPE OF Romeoville HOMES
Single-Family 71.2
Townhomes 20.2
Small Apt. Buildings 1.5
Apt. Complexes 6.9
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Romeoville HOMES
No Bedroom 0.38
1 Bedroom 2.56
2 Bedrooms 21.00
3 Bedrooms 52.91
4 Bedrooms 20.54
5 or more bedrooms 2.61

Romeoville 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
17.34% 0.93% 4 2
* 10 is highest