Harvey IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Harvey Housing Market Information

With 24,641 people, 8,743 houses or apartments, and a median cost of homes of $67,664, 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 70.62% 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 ( 13.75%), large apartment complexes or high rise apartments ( 11.52%), and a few mobile homes or trailers ( 2.50%).

The most prevalent building size and type in Harvey are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.08% owning and 49.92% 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. Harvey's housing was primarily built during this period, from the '40s through the '60s. A full 60.41% of the city's housing hails from this era. Other housing ages represented in Harvey include homes built between 1970-1999 ( 19.40%) and housing constructed before 1939 ( 16.13%). There's also some housing in Harvey built between 2000 and later ( 4.06%).

Vacant housing appears to be an issue in Harvey. Fully 24.18% 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 18.72% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Harvey home appreciation rates at 0.04%, which equates to an annual appreciation rate of 0.15%.

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 -4.03%, 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 0.04%, which equates to an annual appreciation rate of 0.15%.

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

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:
$67,664

Harvey, IL HOME PRICES

Value Range
> $869,000 0.0
$652,001 - $869,000 0.2
$435,001 - $652,000 0.0
$347,001 - $435,000 0.8
$261,001 - $347,000 0.5
$174,001 - $261,000 2.1
$87,001 - $174,000 24.2
$44,001 - $87,000 56.0
$0 - $44,000 16.3

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
97.5299270072993 97.7215189873418

Number Of Homes And Apartments:
8,743

Harvey Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
-5.55% -0.28%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,238 / per month

Homeownership Rate

Homeownership
Owners 50.08
Renters 49.92
Vacant 24.18

Housing Market Details

 

Age of Homes

AGE OF Harvey HOMES
2000 or Newer 4.1
1970 - 1999 19.4
1940 - 1969 60.4
1939 or Older 16.1

Types of Homes

TYPE OF Harvey HOMES
Single-Family 70.6
Townhomes 1.4
Small Apt. Buildings 13.7
Apt. Complexes 11.5
Mobile Homes 2.5
Other 0.2

Home Size

SIZE OF Harvey HOMES
No Bedroom 1.67
1 Bedroom 12.25
2 Bedrooms 30.23
3 Bedrooms 41.50
4 Bedrooms 10.94
5 or more bedrooms 3.41