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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Morton Grove, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Morton Grove, IL Housing Market Trends

With 24,371 people, 9,166 houses or apartments, and a median cost of homes of $427,866, Morton Grove real estate is some of the most expensive in Illinois, although Morton Grove home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Morton Grove, accounting for 76.73% of the village's housing units. Other types of housing that are prevalent in Morton Grove include large apartment complexes or high rise apartments ( 17.25%), row houses and other attached homes ( 4.38%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.34%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Morton Grove. Owner-occupied housing accounts for 85.84% of Morton Grove's homes, and 67.49% have either three or four bedrooms, which is average sized relative to America.

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. Morton Grove's housing was primarily built during this period, from the '40s through the '60s. A full 66.48% of the village's housing hails from this era. Other housing ages represented in Morton Grove include homes built between 1970-1999 ( 15.62%) and housing constructed between 2000 and later ( 13.46%). There's also some housing in Morton Grove built before 1939 ( 4.44%).

Morton Grove Home Appreciation Rates

Morton Grove's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Morton Grove during the period has been just 4.57%, which is lower than 80% of US communities.

Over the last year, Morton Grove appreciation rates have trailed the rest of the nation. In the last twelve months, Morton Grove's appreciation rate has been 4.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morton Grove were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Morton Grove'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 Morton Grove differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morton Grove - 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 Morton Grove real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$427,866

Morton Grove, IL Home Prices
> $1,205,000
$904,001 - $1,205,000
$603,001 - $904,000
$482,001 - $603,000
$362,001 - $482,000
$241,001 - $362,000
$121,001 - $241,000
$60,001 - $121,000
$0 - $60,000
1.1%
1.1%
1.8%
1.8%
10.1%
10.1%
24.8%
24.8%
35.3%
35.3%
18.4%
18.4%
7.2%
7.2%
0.4%
0.4%
0.7%
0.7%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

9,166

Morton Grove Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,332 / per month

Homeownership Rate

Owners
Renters
85.8%
85.8%
14.2%
14.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.7%
4.7%
95.3%
95.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.5%
13.5%
15.6%
15.6%
66.5%
66.5%
4.4%
4.4%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
76.7%
76.7%
4.4%
4.4%
1.3%
1.3%
17.3%
17.3%
0.3%
0.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.5%
0.5%
6.3%
6.3%
20.7%
20.7%
50.0%
50.0%
17.5%
17.5%
5.1%
5.1%
0% 100.0%
% of Homes