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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Oak Forest, IL Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Oak Forest, IL Housing Market Trends

With a population of 26,460, 10,165 total housing units (homes and apartments), and a median house value of $282,225, Oak Forest real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Oak Forest, accounting for 72.21% of the city's housing units. Other types of housing that are prevalent in Oak Forest include large apartment complexes or high rise apartments ( 22.16%), row houses and other attached homes ( 3.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.92%).

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 79.77% of Oak Forest's homes, and 65.97% 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 ( 35.21%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.57%). There's also some housing in Oak Forest built before 1939 ( 2.28%).

Oak Forest Home Appreciation Rates

Oak Forest's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Oak Forest during the period has been just 5.16%, which is lower than 70% of US communities.

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 4.77%, 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 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Oak Forest's latest annual appreciation rate is higher than 60% 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

$282,225

Oak Forest, IL Home Prices
> $1,263,000
$947,001 - $1,263,000
$631,001 - $947,000
$505,001 - $631,000
$379,001 - $505,000
$253,001 - $379,000
$126,001 - $253,000
$63,001 - $126,000
$0 - $63,000
0.1%
0.1%
0.2%
0.2%
1.0%
1.0%
2.2%
2.2%
17.8%
17.8%
45.2%
45.2%
27.6%
27.6%
3.5%
3.5%
2.5%
2.5%
0% 100.0%
% of Homes
High

for Illinois

Average

for nation

Number of Homes And Apartments:

10,165

Oak Forest Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,106 / per month

Homeownership Rate

Owners
Renters
79.8%
79.8%
20.2%
20.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.1%
3.1%
96.9%
96.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.6%
7.6%
54.9%
54.9%
35.2%
35.2%
2.3%
2.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.2%
72.2%
3.7%
3.7%
1.9%
1.9%
22.2%
22.2%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.9%
1.9%
7.4%
7.4%
20.7%
20.7%
47.8%
47.8%
18.2%
18.2%
4.0%
4.0%
0% 100.0%
% of Homes