Forest Park appreciation rates and housing market information

Forest Park housing market information

With 15,688 people, 7,981 houses or apartments, and a median cost of homes of $242,552, Forest Park real estate prices are well above average cost compared to national prices.

large apartment complexes or high rise apartments are the single most common housing type in Forest Park, accounting for 48.18% of the village's housing units. Other types of housing that are prevalent in Forest Park include duplexes, homes converted to apartments, or other small apartment buildings (26.96%), single-family detached homes (21.01%), and a few row houses and other attached homes (3.85%). Villages that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of villages are often walkable and compact, and often have a lively downtown.

People in Forest Park primarily live in small (one, two, or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Forest Park has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Forest Park's housing was primarily built during this period, from the '40s through the '60s. A full 40.01% of the village's housing hails from this era. Other housing ages represented in Forest Park include homes built between 1939 and earlier (38.91%), and housing constructed from 1970-1994 (18.72%). There's also some housing in Forest Park built between 1995 and later (2.36%).

Forest Park home appreciation rates

Real estate appreciation rates in Forest Park have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 7.26% during the period.

Over the last year, Forest Park appreciation rates have trailed the rest of the nation. In the last twelve months, Forest Park's appreciation rate has been -4.53%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Forest Park were at -0.72%, which equates to an annual appreciation rate of -2.88%.

Notably, Forest Park's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Forest Park's latest annual appreciation rate is higher than 16% of the other cities and towns in Illinois.