Frankfort, IL Real Estate Market

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 Q4 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Frankfort, IL Housing Market Trends

With 20,296 people, 6,072 houses or apartments, and a median cost of homes of $400,583, Frankfort real estate is some of the most expensive in Illinois, although Frankfort home values aren't among America's most expensive.

Frankfort is a village of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Frankfort than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Frankfort. Owner-occupied housing accounts for 94.14% of Frankfort's homes, and 74.28% have either three or four bedrooms, which is average sized relative to America.

Frankfort homes and real estate are some of the newest in America. 45.16% of Frankfort's housing was built since 2000, making the village have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Frankfort real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 41.97%), and between 1940-1969 ( 9.74%). There's also some housing in Frankfort built before 1939 ( 3.13%).

Frankfort Home Appreciation Rates

Frankfort's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Frankfort during the period has been just 3.06%, which is lower than 80% of US communities.

Over the last year, Frankfort appreciation rates have trailed the rest of the nation. In the last twelve months, Frankfort's appreciation rate has been 14.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Frankfort were at 5.32%, which equates to an annual appreciation rate of 23.02%.

Notably, Frankfort's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Frankfort's latest annual appreciation rate is higher than 50% 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 Frankfort differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Frankfort - 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 Frankfort real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$400,583

Frankfort, IL HOME PRICES

> $1,220,000
1.1%
1.1%
$915,001 - $1,220,000
0.6%
0.6%
$610,001 - $915,000
13.9%
13.9%
$488,001 - $610,000
23.4%
23.4%
$366,001 - $488,000
28.1%
28.1%
$244,001 - $366,000
19.7%
19.7%
$122,001 - $244,000
8.2%
8.2%
$61,001 - $122,000
3.3%
3.3%
$0 - $61,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
6,072

Frankfort Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
53.10% 1.95%
5
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,054 / per month

Homeownership Rate

Owners
94.1%
94.1%
Renters
5.9%
5.9%
Vacant
3.4%
3.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
45.2%
45.2%
1970 - 1999
42.0%
42.0%
1940 - 1969
9.7%
9.7%
1939 or Older
3.1%
3.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
82.8%
82.8%
Townhomes
14.0%
14.0%
Small Apt. Buildings
2.0%
2.0%
Apt. Complexes
0.9%
0.9%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
2.3%
2.3%
2 Bedrooms
8.3%
8.3%
3 Bedrooms
33.8%
33.8%
4 Bedrooms
40.5%
40.5%
5 or more bedrooms
15.1%
15.1%
0.0% 100.0%
% OF HOMES