Oak Park, 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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Oak Park, IL Housing Market Trends

With 52,381 people, 21,603 houses or apartments, and a median cost of homes of $423,617, 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 43.74% of the village's housing units. Other types of housing that are prevalent in Oak Park include single-family detached homes ( 41.74%), duplexes, homes converted to apartments or other small apartment buildings ( 11.15%), and a few row houses and other attached homes ( 3.09%). 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 ( 61.23%), 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 ( 20.66%), followed by between 1970-1999 ( 12.37%). There's also some housing in Oak Park built between 2000 and later ( 5.73%).

Oak Park Home Appreciation Rates

Oak Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Oak Park during the period has been just 1.49%, which is lower than 80% of US communities.

Over the last year, Oak Park appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Park's appreciation rate has been 1.81%, 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 Park were at 0.94%, which equates to an annual appreciation rate of 3.80%.

Notably, Oak Park's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Oak Park's latest annual appreciation rate is lower than 80% 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:
$423,617

Oak Park, IL HOME PRICES

> $1,048,000
2.5%
2.5%
$786,001 - $1,048,000
5.6%
5.6%
$524,001 - $786,000
20.2%
20.2%
$420,001 - $524,000
17.2%
17.2%
$315,001 - $420,000
19.1%
19.1%
$209,001 - $315,000
13.6%
13.6%
$105,001 - $209,000
17.1%
17.1%
$52,001 - $105,000
3.9%
3.9%
$0 - $52,000
0.8%
0.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
21,603

Oak Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
54.95% 2.08%
9
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,554 / per month

Homeownership Rate

Owners
58.9%
58.9%
Renters
41.1%
41.1%
Vacant
6.9%
6.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.7%
5.7%
1970 - 1999
12.4%
12.4%
1940 - 1969
20.7%
20.7%
1939 or Older
61.2%
61.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
41.7%
41.7%
Townhomes
3.1%
3.1%
Small Apt. Buildings
11.1%
11.1%
Apt. Complexes
43.7%
43.7%
Mobile Homes
0.1%
0.1%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.4%
4.4%
1 Bedroom
25.5%
25.5%
2 Bedrooms
24.9%
24.9%
3 Bedrooms
24.8%
24.8%
4 Bedrooms
14.8%
14.8%
5 or more bedrooms
5.7%
5.7%
0.0% 100.0%
% OF HOMES