Oak Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Oak Park Neighborhoods Since 2000




Oak Park, 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

Oak Park Housing Market Information

With 52,287 people, 21,612 houses or apartments, and a median cost of homes of $400,248, Oak Park house prices are not only among the most expensive in Illinois, Oak Park real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Oak Park, accounting for 43.29% of the village's housing units. Other types of housing that are prevalent in Oak Park include single-family detached homes ( 41.30%), duplexes, homes converted to apartments or other small apartment buildings ( 12.28%), and a few row houses and other attached homes ( 2.81%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Oak Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Oak Park has a mixture of owner-occupied and renter-occupied housing.

The housing in Oak Park was primarily built before 1939 ( 66.28%), making the housing stock in Oak Park some of the oldest overall in America, although there is a range of ages of homes in Oak Park. The next most important housing age is between 1940-1969 ( 18.64%), followed by between 1970-1999 ( 11.61%). There's also some housing in Oak Park built between 2000 and later ( 3.47%).

Oak Park Home Appreciation Rates

Real estate appreciation rates in Oak Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.72% during the period.

NeighborhoodScout's data show that during the latest twelve months, Oak Park's appreciation rate, at 4.01%, has been at or slightly above the national average. In the latest quarter, Oak Park's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Oak Park's latest annual appreciation rate is higher than 70% 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 Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - 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 Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$400,248

Oak Park, IL HOME PRICES

Value Range
> $1,130,000 2.0
$848,001 - $1,130,000 5.0
$565,001 - $848,000 18.1
$452,001 - $565,000 13.9
$339,001 - $452,000 21.8
$226,001 - $339,000 16.6
$113,001 - $226,000 15.5
$56,001 - $113,000 5.3
$0 - $56,000 1.9

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
9.46326028360483 6.07594936708861

Number Of Homes And Apartments:
21,612

Oak Park 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
51.17% 2.42% 10 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,370 / per month

Homeownership Rate

Homeownership
Owners 58.67
Renters 41.33
Vacant 8.88

Housing Market Details

 

Age of Homes

AGE OF Oak Park HOMES
2000 or Newer 3.5
1970 - 1999 11.6
1940 - 1969 18.6
1939 or Older 66.3

Types of Homes

TYPE OF Oak Park HOMES
Single-Family 41.3
Townhomes 2.8
Small Apt. Buildings 12.3
Apt. Complexes 43.3
Mobile Homes 0.2
Other 0.1

Home Size

SIZE OF Oak Park HOMES
No Bedroom 5.18
1 Bedroom 23.81
2 Bedrooms 25.00
3 Bedrooms 25.79
4 Bedrooms 14.31
5 or more bedrooms 5.92