Niles, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Niles, IL Real Estate Data


Niles Housing Market Information

With 29,876 people, 11,398 houses or apartments, and a median cost of homes of $294,051, Niles real estate is some of the most expensive in Illinois, although Niles home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Niles, accounting for 53.57% of the village's housing units. Other types of housing that are prevalent in Niles include large apartment complexes or high rise apartments ( 32.36%), row houses and other attached homes ( 7.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.23%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Niles. Owner-occupied housing accounts for 72.47% of Niles's homes, and 50.02% 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. Niles's housing was primarily built during this period, from the '40s through the '60s. A full 68.25% of the village's housing hails from this era. Other housing ages represented in Niles include homes built between 1970-1999 ( 23.74%) and housing constructed between 2000 and later ( 4.72%). There's also some housing in Niles built before 1939 ( 3.28%).

Niles Home Appreciation Rates

Homes have actually lost value in Niles over the last then years, as home values have seen a decline of 22.15% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Niles 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, Niles's appreciation rate, at 4.92%, has been at or slightly above the national average. In the latest quarter, Niles's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

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

Average Home Values

 

Median Home Value:
$294,051

Niles, IL HOME PRICES

Value Range
> $1,161,000 0.2
$871,001 - $1,161,000 0.3
$581,001 - $871,000 5.3
$464,001 - $581,000 6.2
$348,001 - $464,000 22.1
$232,001 - $348,000 37.0
$116,001 - $232,000 19.7
$58,001 - $116,000 6.6
$0 - $58,000 2.6

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
17.4796509925631 11.6455696202532

Number Of Homes And Apartments:
11,398

Rent & Ownership

 

Average Market Rent:
$1,358 / per month

Homeownership Rate

Homeownership
Owners 72.47
Renters 27.53
Vacant 7.84

Housing Market Details

 

Age of Homes

AGE OF Niles HOMES
2000 or Newer 4.7
1970 - 1999 23.7
1940 - 1969 68.3
1939 or Older 3.3

Types of Homes

TYPE OF Niles HOMES
Single-Family 53.6
Townhomes 7.7
Small Apt. Buildings 6.2
Apt. Complexes 32.4
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Niles HOMES
No Bedroom 1.78
1 Bedroom 13.50
2 Bedrooms 33.06
3 Bedrooms 38.67
4 Bedrooms 11.35
5 or more bedrooms 1.64

Niles 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
23.19% 1.23% 4 2
* 10 is highest