Harvey, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Harvey Neighborhoods Since 2000




Harvey, 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

Harvey Housing Market Information

With a population of 25,194, 9,461 total housing units (homes and apartments), and a median house value of $84,003, house prices in Harvey are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Harvey, accounting for 67.07% of the city's housing units. Other types of housing that are prevalent in Harvey include duplexes, homes converted to apartments or other small apartment buildings ( 14.57%), large apartment complexes or high rise apartments ( 13.27%), and a few mobile homes or trailers ( 3.07%).

People in Harvey primarily live in small (one, two or no bedroom) single-family detached homes. Harvey has a mixture of owner-occupied and renter-occupied housing.

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. Harvey's housing was primarily built during this period, from the '40s through the '60s. A full 62.87% of the city's housing hails from this era. Other housing ages represented in Harvey include homes built before 1939 ( 17.32%) and housing constructed between 1970-1999 ( 15.04%). There's also some housing in Harvey built between 2000 and later ( 4.76%).

Vacant housing appears to be an issue in Harvey. Fully 23.13% of the housing stock is classified as vacant. Left unchecked, vacant Harvey homes and apartments can be a drag on the real estate market, holding Harvey 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.

Harvey Home Appreciation Rates

Homes have actually lost value in Harvey over the last then years, as home values have seen a decline of 27.46% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Harvey home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Harvey appreciation rates have trailed the rest of the nation. In the last twelve months, Harvey's appreciation rate has been -2.94%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Harvey were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Harvey's latest annual appreciation rate is lower than 90% 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 Harvey differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Harvey - 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 Harvey real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$84,003

Harvey, IL HOME PRICES

Value Range
> $1,010,000 0.0
$757,001 - $1,010,000 0.1
$505,001 - $757,000 0.0
$404,001 - $505,000 0.5
$303,001 - $404,000 0.2
$202,001 - $303,000 2.9
$101,001 - $202,000 30.0
$51,001 - $101,000 51.9
$0 - $51,000 14.4

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
87.9819524200164 84.8101265822785

Number Of Homes And Apartments:
9,461

Harvey 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
8.23% 0.46% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,111 / per month

Homeownership Rate

Homeownership
Owners 42.84
Renters 57.16
Vacant 23.13

Housing Market Details

 

Age of Homes

AGE OF Harvey HOMES
2000 or Newer 4.8
1970 - 1999 15.0
1940 - 1969 62.9
1939 or Older 17.3

Types of Homes

TYPE OF Harvey HOMES
Single-Family 67.1
Townhomes 2.0
Small Apt. Buildings 14.6
Apt. Complexes 13.3
Mobile Homes 3.1
Other 0.0

Home Size

SIZE OF Harvey HOMES
No Bedroom 2.02
1 Bedroom 10.77
2 Bedrooms 36.22
3 Bedrooms 36.30
4 Bedrooms 12.13
5 or more bedrooms 2.58