Morton Grove, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morton Grove, IL Real Estate Data


Morton Grove Housing Market Information

With a population of 23,448, 8,343 total housing units (homes and apartments), and a median house value of $333,630, 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 77.58% of the village's housing units. Other types of housing that are prevalent in Morton Grove include large apartment complexes or high rise apartments ( 15.67%), row houses and other attached homes ( 3.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.63%).

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 91.15% of Morton Grove's homes, and 67.74% 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 70.37% of the village's housing hails from this era. Other housing ages represented in Morton Grove include homes built between 1970-1999 ( 15.10%) and housing constructed between 2000 and later ( 8.65%). There's also some housing in Morton Grove built before 1939 ( 5.88%).

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 21.90% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Morton Grove home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

NeighborhoodScout's data show that during the latest twelve months, Morton Grove's appreciation rate, at 4.75%, has been at or slightly above the national average. In the latest quarter, Morton Grove's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

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:
$333,630

Morton Grove, IL HOME PRICES

Value Range
> $1,152,000 0.5
$864,001 - $1,152,000 0.8
$576,001 - $864,000 6.6
$461,001 - $576,000 6.9
$345,001 - $461,000 30.9
$230,001 - $345,000 36.7
$115,001 - $230,000 12.5
$58,001 - $115,000 3.0
$0 - $58,000 2.2

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
13.8431808865726 8.60759493670886

Number Of Homes And Apartments:
8,343

Rent & Ownership

 

Average Market Rent:
$1,435 / per month

Homeownership Rate

Homeownership
Owners 91.15
Renters 8.85
Vacant 6.60

Housing Market Details

 

Age of Homes

AGE OF Morton Grove HOMES
2000 or Newer 8.7
1970 - 1999 15.1
1940 - 1969 70.4
1939 or Older 5.9

Types of Homes

TYPE OF Morton Grove HOMES
Single-Family 77.6
Townhomes 4.0
Small Apt. Buildings 2.6
Apt. Complexes 15.7
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Morton Grove HOMES
No Bedroom 1.10
1 Bedroom 4.76
2 Bedrooms 23.18
3 Bedrooms 53.26
4 Bedrooms 14.47
5 or more bedrooms 3.22

Morton Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
23.44% 1.25% 4 2
* 10 is highest