Wilmette IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Wilmette, 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 Q2 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

Wilmette Housing Market Information

With 27,265 people, 9,643 houses or apartments, and a median cost of homes of $750,505, Wilmette house prices are not only among the most expensive in Illinois, Wilmette real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Wilmette, accounting for 77.58% of the village's housing units. Other types of housing that are prevalent in Wilmette include large apartment complexes or high rise apartments ( 16.32%), row houses and other attached homes ( 4.52%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.50%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wilmette. Owner-occupied housing accounts for 86.41% of Wilmette's homes, and 63.57% 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. Wilmette's housing was primarily built during this period, from the '40s through the '60s. A full 48.03% of the village's housing hails from this era. Other housing ages represented in Wilmette include homes built before 1939 ( 31.69%) and housing constructed between 1970-1999 ( 13.31%). There's also some housing in Wilmette built between 2000 and later ( 6.96%).

Wilmette Home Appreciation Rates

Wilmette's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Wilmette during the period has been just 1.33%, which is lower than 80% of US communities.

Over the last year, Wilmette appreciation rates have trailed the rest of the nation. In the last twelve months, Wilmette's appreciation rate has been 2.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wilmette were at 0.04%, which equates to an annual appreciation rate of 0.15%.

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

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

Average Home Values

 

Median Home Value:
$750,505

Wilmette, IL HOME PRICES

Value Range
> $1,065,000 24.8
$799,001 - $1,065,000 17.7
$532,001 - $799,000 26.0
$426,001 - $532,000 10.6
$319,001 - $426,000 11.4
$213,001 - $319,000 5.0
$106,001 - $213,000 2.7
$53,001 - $106,000 0.4
$0 - $53,000 1.5

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
2.89051094890511 1.26582278481013

Number Of Homes And Apartments:
9,643

Wilmette Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
45.92% 1.86%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,405 / per month

Homeownership Rate

Homeownership
Owners 86.41
Renters 13.59
Vacant 6.63

Housing Market Details

 

Age of Homes

AGE OF Wilmette HOMES
2000 or Newer 7.0
1970 - 1999 13.3
1940 - 1969 48.0
1939 or Older 31.7

Types of Homes

TYPE OF Wilmette HOMES
Single-Family 77.6
Townhomes 4.5
Small Apt. Buildings 1.5
Apt. Complexes 16.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Wilmette HOMES
No Bedroom 1.13
1 Bedroom 5.99
2 Bedrooms 10.56
3 Bedrooms 35.90
4 Bedrooms 27.66
5 or more bedrooms 18.75