Oak Park appreciation rates and housing market information

Oak Park housing market information

With 29,793 people, 11,370 houses or apartments, and a median cost of homes of $134,174, house prices in Oak Park are solidly below the national average.

single-family detached homes are the single most common housing type in Oak Park, accounting for 81.22% of the city's housing units. Other types of housing that are prevalent in Oak Park include large apartment complexes or high rise apartments (9.82%), row houses and other attached homes (5.29%), and a few duplexes, homes converted to apartments, or other small apartment buildings (3.37%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Oak Park. Owner-occupied housing accounts for 73.10% of Oak Park's homes, and 69.49% have either three or four bedrooms, which is average sized relative to America.

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. Oak Park's housing was primarily built during this period, from the '40s through the '60s. A full 86.23% of the city's housing hails from this era. Other housing ages represented in Oak Park include homes built between 1970-1994 (9.39%), and housing constructed from 1939 and earlier (3.16%). There's also some housing in Oak Park built between 1995 and later (1.22%).

Oak Park home appreciation rates

Real estate appreciation rates in Oak Park have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 7.41% during the period.

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 -2.56%, 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 2.50%, which equates to an annual appreciation rate of 10.00%.

Importantly, this makes Oak Park one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Oak Park's latest annual appreciation rate is higher than 40% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. 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.