Northlake, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Northlake Neighborhoods Since 2000




Northlake, IL Real Estate Data


Northlake Housing Market Information

With a population of 12,312, 3,650 total housing units (homes and apartments), and a median house value of $197,744, Northlake real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Northlake, accounting for 65.13% of the city's housing units. Other types of housing that are prevalent in Northlake include large apartment complexes or high rise apartments ( 30.13%), duplexes, homes converted to apartments or other small apartment buildings ( 3.37%), and a few row houses and other attached homes ( 1.32%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Northlake. Owner-occupied housing accounts for 69.79% of Northlake's homes, and 51.69% 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. Northlake's housing was primarily built during this period, from the '40s through the '60s. A full 77.53% of the city's housing hails from this era. Other housing ages represented in Northlake include homes built between 1970-1999 ( 11.44%) and housing constructed before 1939 ( 5.68%). There's also some housing in Northlake built between 2000 and later ( 5.35%).

Vacant housing appears to be an issue in Northlake. Fully 13.94% of the housing stock is classified as vacant. Left unchecked, vacant Northlake homes and apartments can be a drag on the real estate market, holding Northlake 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.

Northlake Home Appreciation Rates

Homes have actually lost value in Northlake over the last then years, as home values have seen a decline of 35.59% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Northlake home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

Appreciation rates are so strong in Northlake that despite a nationwide downturn in the housing market, Northlake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Northlake appreciation rates continue to be some of the highest in America, at 7.88%, which is higher than appreciation rates in 90.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Northlake. Northlake appreciation rates in the latest quarter were at 1.63%, which equates to an annual appreciation rate of 6.69%.

Relative to Illinois, our data show that Northlake's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$197,744

Northlake, IL HOME PRICES

Value Range
> $1,203,000 0.1
$902,001 - $1,203,000 0.0
$601,001 - $902,000 0.1
$481,001 - $601,000 0.0
$361,001 - $481,000 4.1
$240,001 - $361,000 23.6
$120,001 - $240,000 59.7
$60,001 - $120,000 6.1
$0 - $60,000 6.3

High for IL
High for Nation

Value Relative to Nation Value Relative to State
33.7881360894771 27.4683544303797

Number Of Homes And Apartments:
3,650

Rent & Ownership

 

Average Market Rent:
$1,103 / per month

Homeownership Rate

Homeownership
Owners 69.79
Renters 30.21
Vacant 13.94

Housing Market Details

 

Age of Homes

AGE OF Northlake HOMES
2000 or Newer 5.4
1970 - 1999 11.4
1940 - 1969 77.5
1939 or Older 5.7

Types of Homes

TYPE OF Northlake HOMES
Single-Family 65.1
Townhomes 1.3
Small Apt. Buildings 3.4
Apt. Complexes 30.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Northlake HOMES
No Bedroom 6.30
1 Bedroom 16.08
2 Bedrooms 17.71
3 Bedrooms 33.60
4 Bedrooms 18.09
5 or more bedrooms 8.23

Northlake 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
5.11% 0.29% 2 1
* 10 is highest