Westmont, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Westmont, 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

Westmont Housing Market Information

With 24,941 people, 10,676 houses or apartments, and a median cost of homes of $350,257, Westmont house prices are not only among the most expensive in Illinois, Westmont real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Westmont, accounting for 41.73% of the village's housing units. Other types of housing that are prevalent in Westmont include single-family detached homes ( 38.39%), row houses and other attached homes ( 10.38%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.38%). This particular housing mix is relatively uncommon and characteristic of villages that are compact and walkable, and which 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 ( 22.20%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.69%). There's also some housing in Westmont built before 1939 ( 6.54%).

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 -1.28%, 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 2.24%, 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 0.43%, which equates to an annual appreciation rate of 1.74%.

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:
$350,257

Westmont, IL HOME PRICES

Value Range
> $1,118,000 6.2
$838,001 - $1,118,000 4.8
$559,001 - $838,000 13.4
$447,001 - $559,000 9.0
$335,001 - $447,000 17.5
$224,001 - $335,000 28.5
$112,001 - $224,000 14.0
$56,001 - $112,000 4.5
$0 - $56,000 2.2

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
12.1821164889253 7.34177215189873

Number Of Homes And Apartments:
10,676

Westmont 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
38.79% 1.92% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,267 / per month

Homeownership Rate

Homeownership
Owners 48.66
Renters 51.34
Vacant 6.28

Housing Market Details

 

Age of Homes

AGE OF Westmont HOMES
2000 or Newer 9.7
1970 - 1999 61.6
1940 - 1969 22.2
1939 or Older 6.5

Types of Homes

TYPE OF Westmont HOMES
Single-Family 38.4
Townhomes 10.4
Small Apt. Buildings 9.4
Apt. Complexes 41.7
Mobile Homes 0.1
Other 0.1

Home Size

SIZE OF Westmont HOMES
No Bedroom 1.89
1 Bedroom 21.58
2 Bedrooms 34.62
3 Bedrooms 24.67
4 Bedrooms 14.49
5 or more bedrooms 2.76