Morton Grove, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Morton Grove Neighborhoods Since 2000




Morton Grove, 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

Morton Grove Housing Market Information

With 23,448 people, 8,216 houses or apartments, and a median cost of homes of $326,664, Morton Grove house prices are not only among the most expensive in Illinois, Morton Grove real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Morton Grove, accounting for 77.50% of the village's housing units. Other types of housing that are prevalent in Morton Grove include large apartment complexes or high rise apartments ( 15.29%), row houses and other attached homes ( 3.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.71%).

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 92.79% of Morton Grove's homes, and 68.83% 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 67.61% of the village's housing hails from this era. Other housing ages represented in Morton Grove include homes built between 1970-1999 ( 15.95%) and housing constructed between 2000 and later ( 9.75%). There's also some housing in Morton Grove built before 1939 ( 6.68%).

Morton Grove Home Appreciation Rates

Homes have actually lost value in Morton Grove over the last then years, as home values have seen a decline of 22.07% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Morton Grove home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

NeighborhoodScout's data show that during the latest twelve months, Morton Grove's appreciation rate, at 5.55%, has been at or slightly above the national average. In the latest quarter, Morton Grove's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Morton Grove's latest annual appreciation rate is higher 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 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:
$326,664

Morton Grove, IL HOME PRICES

Value Range
> $1,147,000 0.6
$860,001 - $1,147,000 0.5
$574,001 - $860,000 6.8
$459,001 - $574,000 7.1
$344,001 - $459,000 28.1
$229,001 - $344,000 38.3
$115,001 - $229,000 12.7
$57,001 - $115,000 3.5
$0 - $57,000 2.4

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
13.9868744872847 8.35443037974684

Number Of Homes And Apartments:
8,216

Morton Grove 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
23.08% 1.21% 5 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,923 / per month

Homeownership Rate

Homeownership
Owners 92.79
Renters 7.21
Vacant 7.24

Housing Market Details

 

Age of Homes

AGE OF Morton Grove HOMES
2000 or Newer 9.8
1970 - 1999 16.0
1940 - 1969 67.6
1939 or Older 6.7

Types of Homes

TYPE OF Morton Grove HOMES
Single-Family 77.5
Townhomes 3.9
Small Apt. Buildings 2.7
Apt. Complexes 15.3
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Morton Grove HOMES
No Bedroom 0.56
1 Bedroom 4.49
2 Bedrooms 22.76
3 Bedrooms 53.53
4 Bedrooms 15.30
5 or more bedrooms 3.35