West Chicago IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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West Chicago, 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

West Chicago Housing Market Information

With a population of 26,816, 7,585 total housing units (homes and apartments), and a median house value of $257,619, West Chicago real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in West Chicago, accounting for 65.48% of the city's housing units. Other types of housing that are prevalent in West Chicago include large apartment complexes or high rise apartments ( 23.98%), row houses and other attached homes ( 5.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.40%).

The most prevalent building size and type in West Chicago are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.97% owning and 35.03% renting.

There is a lot of housing in West Chicago 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 West Chicago built between 1940-1969 ( 24.04%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.61%). There's also some housing in West Chicago built before 1939 ( 12.41%).

West Chicago Home Appreciation Rates

West Chicago's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in West Chicago during the period has been just 1.11%, which is lower than 80% of US communities.

Over the last year, West Chicago appreciation rates have trailed the rest of the nation. In the last twelve months, West Chicago's appreciation rate has been 2.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in West Chicago were at 1.06%, which equates to an annual appreciation rate of 4.29%.

Relative to Illinois, our data show that West Chicago's latest annual appreciation rate is lower than 60% 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 city. Individual neighborhoods within West Chicago differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Chicago - 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 West Chicago real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$257,619

West Chicago, IL HOME PRICES

Value Range
> $1,139,000 0.5
$854,001 - $1,139,000 0.6
$569,001 - $854,000 3.7
$456,001 - $569,000 9.3
$341,001 - $456,000 20.1
$228,001 - $341,000 25.7
$114,001 - $228,000 36.1
$57,001 - $114,000 1.5
$0 - $57,000 2.6

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
28.3386861313869 17.4683544303797

Number Of Homes And Apartments:
7,585

West Chicago Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
24.83% 1.07%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,596 / per month

Homeownership Rate

Homeownership
Owners 64.97
Renters 35.03
Vacant 6.18

Housing Market Details

 

Age of Homes

AGE OF West Chicago HOMES
2000 or Newer 17.6
1970 - 1999 45.9
1940 - 1969 24.0
1939 or Older 12.4

Types of Homes

TYPE OF West Chicago HOMES
Single-Family 65.5
Townhomes 5.4
Small Apt. Buildings 4.4
Apt. Complexes 24.0
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF West Chicago HOMES
No Bedroom 0.73
1 Bedroom 12.69
2 Bedrooms 20.51
3 Bedrooms 32.73
4 Bedrooms 24.25
5 or more bedrooms 9.09