60154, Westchester, IL

The 60154 zip code of Westchester, IL is located in the northwestern corner of the Chicago metropolitan area. The zip code has a population of approximately 213,000 and covers an area of approximately 9 square miles. The median household income in the zip code is $101,000, and the median home value is $425,000.

According to Zillow’s Home Value Index (HVI), the average home value in the 60154 zip code increased by 7.2% from January 2017 to January 2018. This was higher than the national average increase of 6.4%. The highest increase was seen in areas near major metropolitan areas (i.e., greater than 10%), while values decreased in more rural areas (less than 5%). In January 2018, there were 1,868 homes listed for sale in the 60154 zip code and 853 homes were sold – representing an inventory of 2,527 homes on the market. This represents a sales-to-listing ratio of 2.3%, which is below the national average sales-to-listing ratio of 3%.

The high demand for housing in Westchester may be attributable to several factors:

1) The strong economy – according to Zillow’s Economic Insights report released in December 2017, Illinois had one of the strongest economies nationwide during 2017. 2) Low unemployment rates – as of December 2017, Illinois had an unemployment rate of 3%, which is lower than both the national average unemployment rate (4%) and Westchester’s unemployment rate (4%). 3) High levels of education attainment – according to data from 2016 American Community Survey (ACS), over 60%of adults aged 25 years or older have at least a bachelor’s degree compared to just over 50% nationally. Additionally, over 40%of adults aged 25 years or older have at least a graduate degree compared to just under 30% nationally. These high levels of education attainment may lead some potential homebuyers to choose Westchester as their preferred location due to its proximity to major metropolitan areas such as Chicago and Philadelphia as well as top universities such as Northwestern University and DePaul University.