Westmont, IL Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Westmont, IL Housing Market Trends

With a population of 24,443, 10,743 total housing units (homes and apartments), and a median house value of $359,880, Westmont real estate is some of the most expensive in Illinois, although Westmont home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Westmont, accounting for 43.85% of the village's housing units. Other types of housing that are prevalent in Westmont include single-family detached homes ( 40.08%), row houses and other attached homes ( 9.79%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.01%). Villages that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of villages are often walkable and compact, and often have a lively downtown.

People in Westmont primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Westmont has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Westmont 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 Westmont built between 1940-1969 ( 24.23%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.20%). There's also some housing in Westmont built before 1939 ( 5.60%).

Westmont Home Appreciation Rates

Westmont's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Westmont during the period has been just 2.65%, which is lower than 70% of US communities.

Over the last year, Westmont appreciation rates have trailed the rest of the nation. In the last twelve months, Westmont's appreciation rate has been 4.80%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Westmont were at 1.88%, which equates to an annual appreciation rate of 7.75%.

Notably, Westmont's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Westmont'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 village. Individual neighborhoods within Westmont differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Westmont - 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 Westmont real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$359,880

Westmont, IL HOME PRICES

> $1,146,000
6.2%
6.2%
$859,001 - $1,146,000
7.2%
7.2%
$573,001 - $859,000
13.0%
13.0%
$459,001 - $573,000
8.8%
8.8%
$344,001 - $459,000
24.7%
24.7%
$229,001 - $344,000
21.6%
21.6%
$114,001 - $229,000
14.9%
14.9%
$57,001 - $114,000
3.1%
3.1%
$0 - $57,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
10,743

Westmont Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
59.22% 2.19%
9
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,642 / per month

Homeownership Rate

Owners
51.0%
51.0%
Renters
49.0%
49.0%
Vacant
6.3%
6.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.2%
10.2%
1970 - 1999
60.0%
60.0%
1940 - 1969
24.2%
24.2%
1939 or Older
5.6%
5.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
40.1%
40.1%
Townhomes
9.8%
9.8%
Small Apt. Buildings
6.0%
6.0%
Apt. Complexes
43.9%
43.9%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
20.3%
20.3%
2 Bedrooms
36.5%
36.5%
3 Bedrooms
24.1%
24.1%
4 Bedrooms
13.5%
13.5%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES