Morton Grove, Niles Home Prices Rising Faster Than Market

NILES, IL — Niles and Morton Grove both have a "very high" environmental hazard risk, and median home prices in both towns are growing faster than the overall U.S. market, according to a new report from ATTOM Data Solutions. The report found that nationally, home prices in ZIP codes rated in the highest 20 percent for environmental hazard risk grew faster than the market overall.

Median home prices in ZIP codes with a very high environmental hazard risk index grew faster than the overall market over the past year (7.4 percent), the past five years (57.1 percent) and the past 10 years (22.2 percent), according to the report. In the market overall, median home prices appreciated 7.1 percent over the past year, 51.1 percent over the past five years and 12.3 percent over the past 10 years.

ATTOM Data analyzed over 8,000 ZIP codes that had sufficient housing trend data for risk related to four environmental hazards: superfund sites, brownfields, polluters and poor air quality. A risk index was calculated for each hazard and a combined index was then calculated based on the four factors. The highest environmental risk index for a ZIP code in the country was 497.

Niles and Morton Grove both have ZIP code rated in the top 20 percent for environmental hazards overall.

In Niles' 60714: the risk index was 175, and median home prices rose 8 percent last year to $270,000. That's up 57 percent compared to five years ago.

In Morton Grove's 60053: the risk index was 178, and median sales price of homes in the district rose 10 percent to $300,000, which reflects a 48 percent increase over the past five years.

Homes in ZIP codes with higher environmental hazard risk also had the lowest foreclosure rate, with the exception being ZIP codes that had the highest risk index for superfunds. The foreclosure rate for ZIP codes in the highest risk category for superfunds was more than 1.5 times that of the overall market rate.

However, the 0.5 percent foreclosure rate in both Niles and Morton Grove exceeds the national average of 0.4 percent.

How do their housing values compare?

The average market value of the slightly more than 10,000 single family homes and condos in 60714 was $291,023, according to the report. In 60053, where there are slightly fewer than 10,000 such homes, it is $322,616 – close to the national average. In 2017, the number of homes sold in Morton Grove's ZIP code increased from 414 to 481. In Niles', the number of sales rose from 408 to 432.

In the market overall, a total of 12.6 million single family homes and condos with a combined market value of $3.4 trillion were in ZIP codes in the top 20 percent for environmental hazard risk. The average market value of homes in these ZIP codes was $268,585 compared to an average market value of $329,217 in the market overall.

According to ATTOM, the top 10 ZIP codes for overall environmental hazard housing risk are:

• Denver (80216)
• San Bernardino, California (92408)
• Sheridan, Oregon (97378)
• Saint Louis (63133)
• Haw River, North Carolina (27258)
• Riverside, California (92501)
• Santa Fe, California (90670)
• Tulsa, Oklahoma (74108)
• Tulsa, Oklahoma (74119)
• Houston (77042)

See the full report from ATTOM here

Top photo via Shutterstock