Wheeling, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Wheeling Neighborhoods Since 2000




Wheeling, 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

Wheeling Housing Market Information

With 38,079 people, 14,132 houses or apartments, and a median cost of homes of $212,543, Wheeling real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Wheeling, accounting for 38.29% of the village's housing units. Other types of housing that are prevalent in Wheeling include single-family detached homes ( 30.39%), row houses and other attached homes ( 16.06%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.03%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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

There is a lot of housing in Wheeling 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 Wheeling built between 1940-1969 ( 27.01%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.59%). There's also some housing in Wheeling built before 1939 ( 1.64%).

Wheeling Home Appreciation Rates

Homes have actually lost value in Wheeling over the last then years, as home values have seen a decline of 27.42% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Wheeling home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Wheeling appreciation rates have trailed the rest of the nation. In the last twelve months, Wheeling's appreciation rate has been 2.39%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wheeling were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Wheeling's latest annual appreciation rate is lower than 50% 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 Wheeling differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wheeling - 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 Wheeling real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$212,543

Wheeling, IL HOME PRICES

Value Range
> $1,114,000 0.0
$835,001 - $1,114,000 0.3
$557,001 - $835,000 2.4
$445,001 - $557,000 4.6
$334,001 - $445,000 15.0
$223,001 - $334,000 20.8
$111,001 - $223,000 36.5
$56,001 - $111,000 13.1
$0 - $56,000 7.3

High for IL
High for Nation

Value Relative to Nation Value Relative to State
29.2921598499941 21.3924050632911

Number Of Homes And Apartments:
14,132

Wheeling 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
13.52% 0.74% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,521 / per month

Homeownership Rate

Homeownership
Owners 61.54
Renters 38.46
Vacant 7.03

Housing Market Details

 

Age of Homes

AGE OF Wheeling HOMES
2000 or Newer 8.6
1970 - 1999 62.8
1940 - 1969 27.0
1939 or Older 1.6

Types of Homes

TYPE OF Wheeling HOMES
Single-Family 30.4
Townhomes 16.1
Small Apt. Buildings 13.0
Apt. Complexes 38.3
Mobile Homes 2.2
Other 0.0

Home Size

SIZE OF Wheeling HOMES
No Bedroom 1.20
1 Bedroom 17.62
2 Bedrooms 36.58
3 Bedrooms 32.84
4 Bedrooms 10.81
5 or more bedrooms 0.95