Olympia Fields, 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 2020. 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

Olympia Fields, IL Housing Market Trends

With 4,790 people, 1,818 houses or apartments, and a median cost of homes of $253,147, Olympia Fields real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Olympia Fields, accounting for 85.05% of the village's housing units. Other types of housing that are prevalent in Olympia Fields include large apartment complexes or high rise apartments ( 10.13%), row houses and other attached homes ( 4.82%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Olympia Fields. Owner-occupied housing accounts for 82.03% of Olympia Fields's homes, and 70.55% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Olympia Fields 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 Olympia Fields built between 1940-1969 ( 39.19%). A lesser amount of the housing stock also hails from between 2000 and later ( 7.55%).

Vacant housing appears to be an issue in Olympia Fields. Fully 11.49% of the housing stock is classified as vacant. Left unchecked, vacant Olympia Fields homes and apartments can be a drag on the real estate market, holding Olympia Fields real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Olympia Fields Home Appreciation Rates

Olympia Fields's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Olympia Fields during the period has been just 1.29%, which is lower than 80% of US communities.

Over the last year, Olympia Fields appreciation rates have trailed the rest of the nation. In the last twelve months, Olympia Fields's appreciation rate has been 2.79%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Olympia Fields were at 1.40%, which equates to an annual appreciation rate of 5.71%.

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

Relative to Illinois, our data show that Olympia Fields's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 
info

Median Home Value:
$253,147

Olympia Fields, IL HOME PRICES

> $1,190,000
0.0%
0.0%
$892,001 - $1,190,000
0.0%
0.0%
$595,001 - $892,000
3.2%
3.2%
$476,001 - $595,000
3.5%
3.5%
$357,001 - $476,000
17.5%
17.5%
$238,001 - $357,000
30.7%
30.7%
$119,001 - $238,000
36.7%
36.7%
$59,001 - $119,000
5.8%
5.8%
$0 - $59,000
2.6%
2.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
1,818

Olympia Fields Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
7.91% 0.36%
1
1
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,403 / per month

Homeownership Rate

Owners
82.0%
82.0%
Renters
18.0%
18.0%
Vacant
11.5%
11.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
7.5%
7.5%
1970 - 1999
52.8%
52.8%
1940 - 1969
39.2%
39.2%
1939 or Older
0.5%
0.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
85.1%
85.1%
Townhomes
4.8%
4.8%
Small Apt. Buildings
0.0%
0.0%
Apt. Complexes
10.1%
10.1%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.5%
5.5%
1 Bedroom
2.9%
2.9%
2 Bedrooms
5.8%
5.8%
3 Bedrooms
39.6%
39.6%
4 Bedrooms
31.0%
31.0%
5 or more bedrooms
15.3%
15.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Olympia Fields

Zip Codes in Olympia Fields, IL