Westchester, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Westchester Neighborhoods Since 2000




Westchester, 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

Westchester Housing Market Information

With 16,729 people, 6,610 houses or apartments, and a median cost of homes of $234,310, Westchester real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Westchester, accounting for 79.70% of the village's housing units. Other types of housing that are prevalent in Westchester include row houses and other attached homes ( 10.16%), duplexes, homes converted to apartments or other small apartment buildings ( 8.57%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Westchester. Owner-occupied housing accounts for 89.35% of Westchester's homes, and 59.77% 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. Westchester's housing was primarily built during this period, from the '40s through the '60s. A full 70.89% of the village's housing hails from this era. Other housing ages represented in Westchester include homes built between 1970-1999 ( 22.34%) and housing constructed before 1939 ( 5.22%). There's also some housing in Westchester built between 2000 and later ( 1.56%).

Westchester Home Appreciation Rates

Homes have actually lost value in Westchester over the last then years, as home values have seen a decline of 24.85% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Westchester home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Appreciation rates are so strong in Westchester that despite a nationwide downturn in the housing market, Westchester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Westchester appreciation rates continue to be some of the highest in America, at 6.17%, which is higher than appreciation rates in 75.53% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Westchester. Westchester appreciation rates in the latest quarter were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Westchester's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$234,310

Westchester, IL HOME PRICES

Value Range
> $1,152,000 0.0
$864,001 - $1,152,000 0.0
$576,001 - $864,000 0.7
$461,001 - $576,000 3.5
$345,001 - $461,000 11.4
$230,001 - $345,000 39.9
$115,001 - $230,000 39.8
$58,001 - $115,000 1.7
$0 - $58,000 3.1

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
25.0205086136177 17.5949367088608

Number Of Homes And Apartments:
6,610

Westchester 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
13.66% 0.74% 3 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,483 / per month

Homeownership Rate

Homeownership
Owners 89.35
Renters 10.65
Vacant 7.25

Housing Market Details

 

Age of Homes

AGE OF Westchester HOMES
2000 or Newer 1.6
1970 - 1999 22.3
1940 - 1969 70.9
1939 or Older 5.2

Types of Homes

TYPE OF Westchester HOMES
Single-Family 79.7
Townhomes 10.2
Small Apt. Buildings 8.6
Apt. Complexes 0.9
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Westchester HOMES
No Bedroom 0.04
1 Bedroom 1.68
2 Bedrooms 36.38
3 Bedrooms 48.13
4 Bedrooms 11.65
5 or more bedrooms 2.12