Oak Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Oak Park, IL Real Estate Data


Oak Park Housing Market Information

With a population of 52,287, 21,612 total housing units (homes and apartments), and a median house value of $398,290, 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%). This particular housing mix is relatively uncommon and characteristic of villages that are compact and walkable, and which often have a lively downtown.

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 -0.74% during the period.

NeighborhoodScout's data show that during the latest twelve months, Oak Park's appreciation rate, at 4.14%, has been at or slightly above the national average. In the latest quarter, Oak Park's appreciation rate has been 0.84%, which annualizes to a rate of 3.40%.

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:
$398,290

Oak Park, IL HOME PRICES

Value Range
> $1,127,000 1.3
$845,001 - $1,127,000 5.0
$564,001 - $845,000 18.1
$451,001 - $564,000 13.9
$338,001 - $451,000 21.8
$225,001 - $338,000 16.6
$113,001 - $225,000 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
9.33434899800773 6.07594936708861

Number Of Homes And Apartments:
21,612

Rent & Ownership

 

Average Market Rent:
$1,317 / 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

Oak Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
50.61% 2.40% 10 6
* 10 is highest