Oak Lawn, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Oak Lawn, IL Real Estate Data


Oak Lawn Housing Market Information

With a population of 56,781, 21,701 total housing units (homes and apartments), and a median house value of $206,572, Oak Lawn 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 Lawn, accounting for 63.10% of the village's housing units. Other types of housing that are prevalent in Oak Lawn include large apartment complexes or high rise apartments ( 27.91%), duplexes, homes converted to apartments or other small apartment buildings ( 6.04%), and a few row houses and other attached homes ( 1.64%).

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 Lawn. Owner-occupied housing accounts for 80.52% of Oak Lawn's homes, and 57.68% 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. Oak Lawn's housing was primarily built during this period, from the '40s through the '60s. A full 54.66% of the village's housing hails from this era. Other housing ages represented in Oak Lawn include homes built between 1970-1999 ( 36.10%) and housing constructed between 2000 and later ( 4.90%). There's also some housing in Oak Lawn built before 1939 ( 4.34%).

Oak Lawn Home Appreciation Rates

Homes have actually lost value in Oak Lawn over the last then years, as home values have seen a decline of 24.48% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Oak Lawn home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

NeighborhoodScout's data show that during the latest twelve months, Oak Lawn's appreciation rate, at 4.65%, has been at or slightly above the national average. In the latest quarter, Oak Lawn's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

Relative to Illinois, our data show that Oak Lawn's latest annual appreciation rate is lower 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 village. Individual neighborhoods within Oak Lawn differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Lawn - 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 Lawn real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$206,572

Oak Lawn, IL HOME PRICES

Value Range
> $1,084,000 0.3
$813,001 - $1,084,000 0.0
$542,001 - $813,000 1.1
$434,001 - $542,000 1.5
$325,001 - $434,000 8.5
$217,001 - $325,000 33.7
$108,001 - $217,000 38.7
$54,001 - $108,000 11.4
$0 - $54,000 4.8

High for IL
High for Nation

Value Relative to Nation Value Relative to State
31.5277859108743 24.3037974683544

Number Of Homes And Apartments:
21,701

Rent & Ownership

 

Average Market Rent:
$1,162 / per month

Homeownership Rate

Homeownership
Owners 80.52
Renters 19.48
Vacant 6.57

Housing Market Details

 

Age of Homes

AGE OF Oak Lawn HOMES
2000 or Newer 4.9
1970 - 1999 36.1
1940 - 1969 54.7
1939 or Older 4.3

Types of Homes

TYPE OF Oak Lawn HOMES
Single-Family 63.1
Townhomes 1.6
Small Apt. Buildings 6.0
Apt. Complexes 27.9
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Oak Lawn HOMES
No Bedroom 0.11
1 Bedroom 8.44
2 Bedrooms 31.44
3 Bedrooms 41.40
4 Bedrooms 16.28
5 or more bedrooms 2.32

Oak Lawn 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
18.36% 1.00% 3 2
* 10 is highest