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Rising Home Values and Stable Ownership: Glenview's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glenview, Illinois, a suburban community 15 miles north of Chicago, has experienced notable changes in its housing market over the past decade. Known for its excellent schools and parks, Glenview has seen steady growth and development. The city's homeownership rate has remained relatively stable, with a slight trend towards increased renting, while average home prices and rent prices have shown significant fluctuations.
Homeownership in Glenview has experienced a gradual decline from 2013 to 2022. The homeownership rate decreased from 75% in 2013 to 73% in 2022. During this same period, average home prices saw substantial growth. The average home price in Glenview rose from $402,774 in 2013 to $551,899 in 2022, representing a 37% increase. Despite this overall upward trend, there were some fluctuations, including a notable dip in 2020 when the average home price dropped to $474,566 from $480,005 in 2019.
The relationship between federal interest rates and homeownership rates in Glenview follows a generally expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates remained relatively stable. However, when interest rates rose significantly in 2022 to 1.68%, there was a slight decrease in homeownership, dropping from 74% in 2020 to 73% in 2022. This trend aligns with the principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The percentage of renters in Glenview has shown a gradual increase, rising from 24% in 2013 to 27% in 2022. This trend coincided with fluctuations in average rent prices. The average rent increased from $1,520 in 2013 to $1,827 in 2022, a 20% rise over the period. However, this increase was not linear. There was a significant jump in average rent from $1,511 in 2014 to $1,775 in 2015, followed by a slight decrease to $1,701 in 2016. The population growth from 55,652 in 2010 to 59,922 in 2022 may have contributed to the increased demand for rental properties and the overall rise in average rent prices.
In 2023 and 2024, Glenview has continued to see changes in its housing market. The average home price in 2023 reached $564,352, a 2.26% increase from 2022. In 2024, the average home price further increased to $582,793, representing a 3.27% rise from 2023. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact homebuying decisions and potentially influence the balance between homeownership and renting in the coming years.
Looking ahead, based on the historical data and current trends, we can project potential 5-year trends for average home and rent prices in Glenview. Assuming the current trajectory continues, average home prices could potentially reach around $650,000 to $700,000 by 2029. For average rent prices, if the trend of moderate increases persists, we might see average rents in the range of $2,000 to $2,200 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Glenview has experienced a slight shift towards renting, with homeownership rates decreasing from 75% to 73% between 2013 and 2022. Average home prices have shown significant growth, rising by 37% during the same period, while average rent prices have increased by 20%. The recent sharp rise in federal interest rates, coupled with continuing increases in average home prices, may further influence the housing market dynamics in Glenview in the coming years.
