Calumet City, IL Housing Market Trends
With 34,358 people, 14,678 houses or apartments, and a median cost of homes of $194,150, house prices in Calumet City are solidly below the national average.
Single-family detached homes are the single most common housing type in Calumet City, accounting for 52.89% of the city's housing units. Other types of housing that are prevalent in Calumet City include large apartment complexes or high rise apartments ( 22.73%), duplexes, homes converted to apartments or other small apartment buildings ( 16.26%), and a few row houses and other attached homes ( 4.04%).
The most prevalent building size and type in Calumet City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.80% owning and 44.20% renting.
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. Calumet City's housing was primarily built during this period, from the '40s through the '60s. A full 42.92% of the city's housing hails from this era. Other housing ages represented in Calumet City include homes built between 1970-1999 ( 39.57%) and housing constructed before 1939 ( 11.86%). There's also some housing in Calumet City built between 2000 and later ( 5.66%).
Vacant housing appears to be an issue in Calumet City. Fully 12.98% of the housing stock is classified as vacant. Left unchecked, vacant Calumet City homes and apartments can be a drag on the real estate market, holding Calumet City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Calumet City Home Appreciation Rates
Appreciation rates for homes in Calumet City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.69%, which ranks in the top 40% nationwide. This equates to an annual average Calumet City house appreciation rate of 7.32%.
Appreciation rates are so strong in Calumet City that despite a nationwide downturn in the housing market, Calumet City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Calumet City appreciation rates continue to be some of the highest in America, at 10.28%, which is higher than appreciation rates in 82.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Calumet City. Calumet City appreciation rates in the latest quarter were at 2.27%, which equates to an annual appreciation rate of 9.38%.
Relative to Illinois, our data show that Calumet City's latest annual appreciation rate is lower than 70% 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 city. Individual neighborhoods within Calumet City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Calumet City - 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 2000, to assist you in making the best Calumet City real estate investment or home purchase decisions.
Median Home Value
$194,150
Low
for Illinois
Low
for nation
Number of Homes And Apartments:
14,678
IL
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,030 / per month