Sales Prices Remain Flat As More Homes Sold In Northbrook

NORTHBROOK, IL — Northbrook had a "very high" environmental hazard risk index, and over the last year, median home prices remained stagnant, compared to grew about even with the overall U.S. market, in the other, significantly larger ZIP code sales prices are on the decline, according to a new report from ATTOM Data Solutions. However, the report found that nationally, home prices in ZIP codes 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.

Northbrook's ZIP code was rated in the top 20 percent for environmental hazards overall, as 60062 had an overall risk index of 117, and median home prices fell by 6 percent over the past year.

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.

Northbrook had a foreclosure rate slightly below the national average of 0.4 percent. In 60062, the foreclosure rate was 0.38 percent.

The median 2017 sales price for the ZIP code was $425,250 — virtually flat compared to the prior year but still up 28 percent over five years ago.

The total number of home sales in 60062 rose last year, from 782 to 839, and the average market value of its homes was about $500,000.

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