Machesney Park, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Machesney Park, IL Housing Market Trends

With 22,677 people, 8,969 houses or apartments, and a median cost of homes of $120,185, house prices in Machesney Park are solidly below the national average.

Single-family detached homes are the single most common housing type in Machesney Park, accounting for 85.83% of the village's housing units. Other types of housing that are prevalent in Machesney Park include duplexes, homes converted to apartments or other small apartment buildings ( 5.77%), large apartment complexes or high rise apartments ( 4.11%), and a few mobile homes or trailers ( 3.34%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Machesney Park. Owner-occupied housing accounts for 77.85% of Machesney Park's homes, and 75.99% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Machesney Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Machesney Park built between 1940-1969 ( 34.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.18%). There's also some housing in Machesney Park built before 1939 ( 3.37%).

Machesney Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Machesney Park, where house values have increased just 8.74%, which is annualized rate of 0.84%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Machesney Park appreciation rates have trailed the rest of the nation. In the last twelve months, Machesney Park's appreciation rate has been 3.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Machesney Park were at 2.74%, which equates to an annual appreciation rate of 11.44%.

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

Average Home Values

 

Median Home Value:
$120,185

Machesney Park, IL HOME PRICES

> $1,139,000
0.0%
0.0%
$854,001 - $1,139,000
0.5%
0.5%
$570,001 - $854,000
1.3%
1.3%
$455,001 - $570,000
0.5%
0.5%
$342,001 - $455,000
1.0%
1.0%
$228,001 - $342,000
8.4%
8.4%
$114,001 - $228,000
47.7%
47.7%
$57,001 - $114,000
35.1%
35.1%
$0 - $57,000
5.5%
5.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
8,969

Machesney Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
21.73% 0.94%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,158 / per month

Homeownership Rate

Owners
77.8%
77.8%
Renters
22.2%
22.2%
Vacant
4.9%
4.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
18.2%
18.2%
1970 - 1999
43.5%
43.5%
1940 - 1969
34.9%
34.9%
1939 or Older
3.4%
3.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
85.8%
85.8%
Townhomes
0.9%
0.9%
Small Apt. Buildings
5.8%
5.8%
Apt. Complexes
4.1%
4.1%
Mobile Homes
3.3%
3.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
3.4%
3.4%
2 Bedrooms
18.9%
18.9%
3 Bedrooms
61.9%
61.9%
4 Bedrooms
14.1%
14.1%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES