Oak Forest, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Oak Forest, 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 Q2 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Oak Forest Housing Market Information

With 27,792 people, 10,328 houses or apartments, and a median cost of homes of $205,667, Oak Forest real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Oak Forest, accounting for 71.50% of the city's housing units. Other types of housing that are prevalent in Oak Forest include large apartment complexes or high rise apartments ( 22.27%), row houses and other attached homes ( 3.54%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.39%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Oak Forest. Owner-occupied housing accounts for 79.71% of Oak Forest's homes, and 65.64% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Oak Forest 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 Oak Forest built between 1940-1969 ( 39.13%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.27%). There's also some housing in Oak Forest built before 1939 ( 3.12%).

Oak Forest Home Appreciation Rates

Homes have actually lost value in Oak Forest over the last then years, as home values have seen a decline of 15.83% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Oak Forest home appreciation rates at 1.56%, which equates to an annual appreciation rate of 6.39%.

Over the last year, Oak Forest appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Forest's appreciation rate has been 4.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Oak Forest were at 1.56%, which equates to an annual appreciation rate of 6.39%.

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

Average Home Values

 

Median Home Value:
$205,667

Oak Forest, IL HOME PRICES

Value Range
> $1,159,000 0.4
$870,001 - $1,159,000 0.2
$580,001 - $870,000 0.4
$464,001 - $580,000 1.4
$348,001 - $464,000 4.3
$232,001 - $348,000 28.3
$116,001 - $232,000 56.1
$58,001 - $116,000 6.0
$0 - $58,000 2.8

High for IL
High for Nation

Value Relative to Nation Value Relative to State
34.3824817518248 26.7088607594937

Number Of Homes And Apartments:
10,328

Oak Forest Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
20.47% 1.01%
3
2
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,281 / per month

Homeownership Rate

Homeownership
Owners 79.71
Renters 20.29
Vacant 4.25

Housing Market Details

 

Age of Homes

AGE OF Oak Forest HOMES
2000 or Newer 8.3
1970 - 1999 49.5
1940 - 1969 39.1
1939 or Older 3.1

Types of Homes

TYPE OF Oak Forest HOMES
Single-Family 71.5
Townhomes 3.5
Small Apt. Buildings 2.4
Apt. Complexes 22.3
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Oak Forest HOMES
No Bedroom 2.97
1 Bedroom 9.89
2 Bedrooms 19.20
3 Bedrooms 50.23
4 Bedrooms 15.41
5 or more bedrooms 2.30