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Rising Home Values and Shifting Ownership in Glendale Heights: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glendale Heights, a vibrant village in Illinois, has experienced significant shifts in its housing market over the past decade. Located in DuPage County, this suburban community of 5.53 square miles has seen notable changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Glendale Heights has fluctuated since 2013, showing an overall decline followed by a recent uptick. In 2013, 76% of housing units were owner-occupied. This percentage decreased to 68% by 2017, indicating a shift towards renting. However, the trend has reversed in recent years, with homeownership rising to 72% in 2022. Concurrently, average home prices have shown a steady increase. In 2013, the average home price was $129,167, which rose to $252,678 by 2022, representing a substantial 95.6% increase over this period.
The relationship between federal interest rates and homeownership rates in Glendale Heights aligns with typical market behavior. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates initially declined. This counterintuitive trend might be attributed to other local economic factors. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates stabilized and then increased slightly, possibly due to buyers anticipating further rate hikes and deciding to enter the market.
Renter percentages in Glendale Heights have mirrored the inverse of homeownership trends. The proportion of renters increased from 24% in 2013 to a peak of 32% in 2017, before declining to 28% in 2022. Average rent prices have generally trended upward during this period, rising from $1,422 in 2013 to $1,477 in 2022, an increase of 3.9%. Notably, there was a significant jump in average rent from $1,504 in 2020 to $1,554 in 2021, possibly reflecting pandemic-related market pressures.
In 2023 and 2024, Glendale Heights has seen continued growth in average home prices, reaching $267,254 in 2023 and $287,529 in 2024. This represents a 5.8% increase from 2022 to 2023 and a further 7.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, predictive models suggest that average home prices in Glendale Heights are likely to continue their upward trajectory over the next five years, potentially reaching around $350,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,600 by 2029. These projections assume continued economic stability and gradual population growth in the area.
In summary, Glendale Heights has experienced a notable increase in average home prices over the past decade, with recent years showing accelerated growth. Homeownership rates have rebounded after a period of decline, while renter percentages have correspondingly decreased. The village's housing market has demonstrated resilience and growth, with both home prices and rent showing upward trends. These patterns reflect the dynamic nature of the local real estate market and suggest continued evolution in the coming years.
