Calumet Park, IL Housing Market Trends
With a population of 6,685, 2,649 total housing units (homes and apartments), and a median house value of $265,431, Calumet Park real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Calumet Park, accounting for 66.38% of the village's housing units. Other types of housing that are prevalent in Calumet Park include large apartment complexes or high rise apartments ( 24.01%), duplexes, homes converted to apartments or other small apartment buildings ( 6.87%), and a few row houses and other attached homes ( 1.52%).
The most prevalent building size and type in Calumet Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 57.49% owning and 42.51% 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 Park's housing was primarily built during this period, from the '40s through the '60s. A full 64.44% of the village's housing hails from this era. Other housing ages represented in Calumet Park include homes built between 1970-1999 ( 17.30%) and housing constructed before 1939 ( 10.39%). There's also some housing in Calumet Park built between 2000 and later ( 7.87%).
Vacant housing appears to be an issue in Calumet Park. Fully 14.52% of the housing stock is classified as vacant. Left unchecked, vacant Calumet Park homes and apartments can be a drag on the real estate market, holding Calumet Park 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 Park Home Appreciation Rates
In the last 10 years, Calumet Park has experienced some of the highest home appreciation rates of any community in the nation. Calumet Park real estate appreciated 121.69% over the last ten years, which is an average annual home appreciation rate of 8.29%, putting Calumet Park in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Calumet Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Calumet Park that despite a nationwide downturn in the housing market, Calumet Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Calumet Park appreciation rates continue to be some of the highest in America, at 10.28%, which is higher than appreciation rates in 84.31% 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 Park. Calumet Park 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 Park's latest annual appreciation rate is higher than 50% of the other cities and towns in Illinois.
Median Home Value
$265,431
High
for Illinois
Average
for nation
Number of Homes And Apartments:
2,649
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:
$1,895 / per month