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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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.
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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2020 Q2
|* 10 is highest|
|AGE OF Harvey HOMES|
|2000 or Newer||4.1|
|1970 - 1999||19.4|
|1940 - 1969||60.4|
|1939 or Older||16.1|
|TYPE OF Harvey HOMES|
|Small Apt. Buildings||13.7|
|SIZE OF Harvey HOMES|
|5 or more bedrooms||3.41|