Oak Park appreciation rates and housing market information

Oak Park housing market information

With a population of 52,524, 23,723 total housing units (homes and apartments), and a median house value of $379,124, Oak Park house prices are not only among the most expensive in Illinois, Oak Park real estate also is some of the most expensive in all of America.

large apartment complexes or high rise apartments are the single most common housing type in Oak Park, accounting for 44.55% of the village's housing units. Other types of housing that are prevalent in Oak Park include single-family detached homes (40.93%), duplexes, homes converted to apartments, or other small apartment buildings (11.99%), and a few row houses and other attached homes (2.40%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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

The housing in Oak Park was primarily built before 1939 (65.99%), making the housing stock in Oak Park some of the older overall in America, although there is a range of ages of homes in Oak Park. The next most important Oak Park housing age is 1940-1969 (24.07%), followed by 1970-1994 (9.19%). There's also some housing in Oak Park built between 1995 and later (.75%).

Oak Park home appreciation rates

Appreciation rates for homes in Oak Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.79%, which ranks in the top 30% nationwide. This equates to an annual average Oak Park house appreciation rate of 8.87%.

Over the last year, Oak Park appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Park's appreciation rate has been -2.92%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Oak Park were at -0.32%, which equates to an annual appreciation rate of -1.28%.

Relative to Illinois, our data show that Oak Park's latest annual appreciation rate is higher than 25% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Oak Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Oak Park real estate investment or home purchase decisions.