Palatine, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Palatine, 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

Palatine Housing Market Information

With 69,308 people, 26,242 houses or apartments, and a median cost of homes of $309,286, Palatine real estate is some of the most expensive in Illinois, although Palatine home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Palatine, accounting for 42.40% of the village's housing units. Other types of housing that are prevalent in Palatine include large apartment complexes or high rise apartments ( 35.74%), row houses and other attached homes ( 14.29%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.40%).

Dwellings in Palatine tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 48.81% of the homes in Palatine have two or fewer bedrooms.

There is a lot of housing in Palatine 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 Palatine built between 1940-1969 ( 26.11%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.13%). There's also some housing in Palatine built before 1939 ( 3.23%).

Palatine Home Appreciation Rates

Palatine's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palatine during the period has been just -2.01%, which is lower than 80% of US communities.

Over the last year, Palatine appreciation rates have trailed the rest of the nation. In the last twelve months, Palatine's appreciation rate has been 2.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palatine were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Palatine's latest annual appreciation rate is lower than 60% 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 Palatine differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palatine - 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 Palatine real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$309,286

Palatine, IL HOME PRICES

Value Range
> $1,085,000 0.5
$814,001 - $1,085,000 1.4
$543,001 - $814,000 9.5
$434,001 - $543,000 8.8
$326,001 - $434,000 18.2
$217,001 - $326,000 25.8
$109,001 - $217,000 21.6
$54,001 - $109,000 10.0
$0 - $54,000 4.3

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
15.5045118949959 9.49367088607595

Number Of Homes And Apartments:
26,242

Palatine 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
22.50% 1.18% 5 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,427 / per month

Homeownership Rate

Homeownership
Owners 67.45
Renters 32.55
Vacant 6.12

Housing Market Details

 

Age of Homes

AGE OF Palatine HOMES
2000 or Newer 8.1
1970 - 1999 62.5
1940 - 1969 26.1
1939 or Older 3.2

Types of Homes

TYPE OF Palatine HOMES
Single-Family 42.4
Townhomes 14.3
Small Apt. Buildings 7.4
Apt. Complexes 35.7
Mobile Homes 0.1
Other 0.1

Home Size

SIZE OF Palatine HOMES
No Bedroom 0.73
1 Bedroom 13.07
2 Bedrooms 35.01
3 Bedrooms 27.02
4 Bedrooms 19.87
5 or more bedrooms 4.30