North Chicago, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating North Chicago Neighborhoods Since 2000




North Chicago, 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

North Chicago Housing Market Information

With 29,491 people, 6,699 houses or apartments, and a median cost of homes of $116,861, house prices in North Chicago are solidly below the national average.

Single-family detached homes are the single most common housing type in North Chicago, accounting for 40.68% of the city's housing units. Other types of housing that are prevalent in North Chicago include duplexes, homes converted to apartments or other small apartment buildings ( 20.99%), large apartment complexes or high rise apartments ( 19.30%), and a few row houses and other attached homes ( 18.81%).

North Chicago is dominated by renter-occupied one, two, or no bedrooms apartments. 75.27% of North Chicago's dwellings are rentals.

There is a lot of housing in North Chicago 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 North Chicago built between 1940-1969 ( 30.24%). A lesser amount of the housing stock also hails from before 1939 ( 16.61%). There's also some housing in North Chicago built between 2000 and later ( 10.44%).

Vacant housing appears to be an issue in North Chicago. Fully 17.82% of the housing stock is classified as vacant. Left unchecked, vacant North Chicago homes and apartments can be a drag on the real estate market, holding North Chicago real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

North Chicago Home Appreciation Rates

Homes have actually lost value in North Chicago over the last then years, as home values have seen a decline of 26.43% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows North Chicago home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Appreciation rates are so strong in North Chicago that despite a nationwide downturn in the housing market, North Chicago real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Chicago appreciation rates continue to be some of the highest in America, at 9.73%, which is higher than appreciation rates in 93.07% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Chicago. North Chicago appreciation rates in the latest quarter were at 0.43%, which equates to an annual appreciation rate of 1.74%.

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

Average Home Values

 

Median Home Value:
$116,861

North Chicago, IL HOME PRICES

Value Range
> $1,041,000 0.2
$780,001 - $1,041,000 0.9
$520,001 - $780,000 2.6
$416,001 - $520,000 1.1
$312,001 - $416,000 1.0
$208,001 - $312,000 4.9
$104,001 - $208,000 51.7
$52,001 - $104,000 29.3
$0 - $52,000 8.3

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
67.2272354388843 59.1139240506329

Number Of Homes And Apartments:
6,699

North Chicago 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
7.42% 0.42% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,108 / per month

Homeownership Rate

Homeownership
Owners 24.73
Renters 75.27
Vacant 17.82

Housing Market Details

 

Age of Homes

AGE OF North Chicago HOMES
2000 or Newer 10.4
1970 - 1999 42.7
1940 - 1969 30.2
1939 or Older 16.6

Types of Homes

TYPE OF North Chicago HOMES
Single-Family 40.7
Townhomes 18.8
Small Apt. Buildings 21.0
Apt. Complexes 19.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF North Chicago HOMES
No Bedroom 1.91
1 Bedroom 15.93
2 Bedrooms 34.10
3 Bedrooms 33.54
4 Bedrooms 12.28
5 or more bedrooms 2.23