Elmwood Park, 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

Elmwood Park, IL Housing Market Trends

With a population of 24,098, 9,017 total housing units (homes and apartments), and a median house value of $290,473, Elmwood Park real estate is some of the most expensive in Illinois, although Elmwood Park home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Elmwood Park, accounting for 52.22% of the village's housing units. Other types of housing that are prevalent in Elmwood Park include large apartment complexes or high rise apartments ( 24.23%), duplexes, homes converted to apartments or other small apartment buildings ( 22.60%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elmwood Park. Owner-occupied housing accounts for 65.32% of Elmwood Park's homes, and 48.33% 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. Elmwood Park's housing was primarily built during this period, from the '40s through the '60s. A full 52.62% of the village's housing hails from this era. Other housing ages represented in Elmwood Park include homes built before 1939 ( 24.06%) and housing constructed between 1970-1999 ( 17.19%). There's also some housing in Elmwood Park built between 2000 and later ( 6.12%).

Elmwood Park Home Appreciation Rates

Real estate appreciation rates in Elmwood Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.21% during the period.

Over the last year, Elmwood Park appreciation rates have trailed the rest of the nation. In the last twelve months, Elmwood Park's appreciation rate has been 5.33%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elmwood Park were at 1.89%, which equates to an annual appreciation rate of 7.77%.

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

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

Average Home Values

 

Median Home Value:
$290,473

Elmwood Park, IL HOME PRICES

> $1,142,000
0.4%
0.4%
$857,001 - $1,142,000
0.8%
0.8%
$571,001 - $857,000
4.3%
4.3%
$457,001 - $571,000
4.8%
4.8%
$342,001 - $457,000
22.9%
22.9%
$229,001 - $342,000
39.0%
39.0%
$114,001 - $229,000
21.9%
21.9%
$57,001 - $114,000
4.6%
4.6%
$0 - $57,000
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
9,017

Elmwood Park 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
40.78% 1.60%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,584 / per month

Homeownership Rate

Owners
65.3%
65.3%
Renters
34.7%
34.7%
Vacant
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.1%
6.1%
1970 - 1999
17.2%
17.2%
1940 - 1969
52.6%
52.6%
1939 or Older
24.1%
24.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
52.2%
52.2%
Townhomes
0.9%
0.9%
Small Apt. Buildings
22.6%
22.6%
Apt. Complexes
24.2%
24.2%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.3%
3.3%
1 Bedroom
12.4%
12.4%
2 Bedrooms
32.4%
32.4%
3 Bedrooms
33.9%
33.9%
4 Bedrooms
14.4%
14.4%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES