Chicago Heights, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Chicago Heights Neighborhoods Since 2000




Chicago Heights, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Chicago Heights Housing Market Information

With 30,284 people, 10,509 houses or apartments, and a median cost of homes of $104,089, house prices in Chicago Heights are solidly below the national average.

Single-family detached homes are the single most common housing type in Chicago Heights, accounting for 67.72% of the city's housing units. Other types of housing that are prevalent in Chicago Heights include duplexes, homes converted to apartments or other small apartment buildings ( 17.41%), large apartment complexes or high rise apartments ( 12.08%), and a few row houses and other attached homes ( 2.22%).

The most prevalent building size and type in Chicago Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.25% owning and 42.75% 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. Chicago Heights's housing was primarily built during this period, from the '40s through the '60s. A full 58.64% of the city's housing hails from this era. Other housing ages represented in Chicago Heights include homes built between 1970-1999 ( 19.74%) and housing constructed before 1939 ( 18.64%). There's also some housing in Chicago Heights built between 2000 and later ( 2.97%).

Vacant housing appears to be an issue in Chicago Heights. Fully 15.35% of the housing stock is classified as vacant. Left unchecked, vacant Chicago Heights homes and apartments can be a drag on the real estate market, holding Chicago Heights 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.

Chicago Heights Home Appreciation Rates

Homes have actually lost value in Chicago Heights over the last then years, as home values have seen a decline of 31.27% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Chicago Heights home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

NeighborhoodScout's data show that during the latest twelve months, Chicago Heights's appreciation rate, at 3.21%, has been at or slightly above the national average. In the latest quarter, Chicago Heights's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Chicago Heights's latest annual appreciation rate is higher than 60% 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 Chicago Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chicago Heights - 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 Chicago Heights real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$104,089

Chicago Heights, IL HOME PRICES

Value Range
> $1,064,000 0.4
$798,001 - $1,064,000 0.2
$532,001 - $798,000 0.3
$425,001 - $532,000 0.6
$320,001 - $425,000 1.6
$213,001 - $320,000 6.1
$107,001 - $213,000 43.1
$53,001 - $107,000 38.9
$0 - $53,000 8.8

Low for IL
Low for Nation

Value Relative to Nation Value Relative to State
74.9384741591468 67.3417721518987

Number Of Homes And Apartments:
10,509

Chicago Heights Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-4.78% -0.28% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,124 / per month

Homeownership Rate

Homeownership
Owners 57.25
Renters 42.75
Vacant 15.35

Housing Market Details

 

Age of Homes

AGE OF Chicago Heights HOMES
2000 or Newer 3.0
1970 - 1999 19.7
1940 - 1969 58.6
1939 or Older 18.6

Types of Homes

TYPE OF Chicago Heights HOMES
Single-Family 67.7
Townhomes 2.2
Small Apt. Buildings 17.4
Apt. Complexes 12.1
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Chicago Heights HOMES
No Bedroom 3.60
1 Bedroom 8.54
2 Bedrooms 23.61
3 Bedrooms 51.09
4 Bedrooms 11.10
5 or more bedrooms 2.06