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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 2,197, 936 total housing units (homes and apartments), and a median house value of $359,124, Elwood real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Elwood, accounting for 66.94% of the village's housing units. Other types of housing that are prevalent in Elwood include row houses and other attached homes ( 16.83%), duplexes, homes converted to apartments or other small apartment buildings ( 10.38%), and a few mobile homes or trailers ( 4.74%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elwood. Owner-occupied housing accounts for 83.33% of Elwood's homes, and 65.52% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Elwood 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 Elwood built between 2000 and later ( 30.24%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.53%). There's also some housing in Elwood built before 1939 ( 9.17%).
Appreciation rates for homes in Elwood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 93.57%, which ranks in the top 50% nationwide. This equates to an annual average Elwood house appreciation rate of 6.83%.
Appreciation rates are so strong in Elwood that despite a nationwide downturn in the housing market, Elwood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elwood appreciation rates continue to be some of the highest in America, at 13.36%, which is higher than appreciation rates in 95.96% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elwood. Elwood appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.63%.
Relative to Illinois, our data show that Elwood's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.
$359,124
for Illinois
for nation
936
$2,059 / per month