Northlake, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Northlake Neighborhoods Since 2000




Northlake, 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

Northlake Housing Market Information

With a population of 12,312, 3,621 total housing units (homes and apartments), and a median house value of $201,673, 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 62.63% of the city's housing units. Other types of housing that are prevalent in Northlake include large apartment complexes or high rise apartments ( 31.39%), duplexes, homes converted to apartments or other small apartment buildings ( 3.31%), and a few row houses and other attached homes ( 2.56%).

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 67.00% of Northlake's homes, and 51.75% 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 74.98% of the city's housing hails from this era. Other housing ages represented in Northlake include homes built between 1970-1999 ( 14.09%) and housing constructed between 2000 and later ( 5.60%). There's also some housing in Northlake built before 1939 ( 5.33%).

Vacant housing appears to be an issue in Northlake. Fully 12.64% 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 35.32% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Northlake home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

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 6.03%, which is higher than appreciation rates in 74.29% 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 0.43%, which equates to an annual appreciation rate of 1.74%.

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:
$201,673

Northlake, IL HOME PRICES

Value Range
> $1,230,000 0.1
$922,001 - $1,230,000 0.0
$615,001 - $922,000 0.4
$492,001 - $615,000 0.0
$369,001 - $492,000 1.3
$246,001 - $369,000 20.7
$123,001 - $246,000 64.0
$61,001 - $123,000 5.9
$0 - $61,000 7.6

High for IL
High for Nation

Value Relative to Nation Value Relative to State
31.8469471463729 24.0506329113924

Number Of Homes And Apartments:
3,621

Northlake 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
6.50% 0.37% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,083 / per month

Homeownership Rate

Homeownership
Owners 67.00
Renters 33.00
Vacant 12.64

Housing Market Details

 

Age of Homes

AGE OF Northlake HOMES
2000 or Newer 5.6
1970 - 1999 14.1
1940 - 1969 75.0
1939 or Older 5.3

Types of Homes

TYPE OF Northlake HOMES
Single-Family 62.6
Townhomes 2.6
Small Apt. Buildings 3.3
Apt. Complexes 31.4
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Northlake HOMES
No Bedroom 7.77
1 Bedroom 16.43
2 Bedrooms 17.32
3 Bedrooms 34.52
4 Bedrooms 17.23
5 or more bedrooms 6.73