Olympia Fields, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Olympia Fields, 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

Olympia Fields Housing Market Information

With 5,025 people, 2,034 houses or apartments, and a median cost of homes of $228,750, 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 78.60% of the village's housing units. Other types of housing that are prevalent in Olympia Fields include row houses and other attached homes ( 10.05%), large apartment complexes or high rise apartments ( 9.84%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.52%).

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 84.24% of Olympia Fields's homes, and 63.99% 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 ( 39.86%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.83%).

Vacant housing appears to be an issue in Olympia Fields. Fully 11.87% 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

Homes have actually lost value in Olympia Fields over the last then years, as home values have seen a decline of 39.19% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Olympia Fields home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

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 -0.26%, 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 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Olympia Fields's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$228,750

Olympia Fields, IL HOME PRICES

Value Range
> $977,000 0.0
$732,001 - $977,000 0.0
$488,001 - $732,000 2.6
$391,001 - $488,000 3.8
$293,001 - $391,000 16.9
$196,001 - $293,000 37.3
$98,001 - $196,000 32.1
$49,001 - $98,000 5.0
$0 - $49,000 2.3

Very High for IL
High for Nation

Value Relative to Nation Value Relative to State
26.0166412750498 18.9873417721519

Number Of Homes And Apartments:
2,034

Olympia Fields 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
-16.24% -1.02% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,313 / per month

Homeownership Rate

Homeownership
Owners 84.24
Renters 15.76
Vacant 11.87

Housing Market Details

 

Age of Homes

AGE OF Olympia Fields HOMES
2000 or Newer 10.8
1970 - 1999 49.3
1940 - 1969 39.9
1939 or Older 0.0

Types of Homes

TYPE OF Olympia Fields HOMES
Single-Family 78.6
Townhomes 10.1
Small Apt. Buildings 1.5
Apt. Complexes 9.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Olympia Fields HOMES
No Bedroom 2.17
1 Bedroom 5.59
2 Bedrooms 15.25
3 Bedrooms 30.33
4 Bedrooms 33.67
5 or more bedrooms 13.00

Popular Neighborhoods in Olympia Fields

Zip Codes in Olympia Fields, IL