Palatine, 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

Palatine, IL Housing Market Trends

With 67,482 people, 26,866 houses or apartments, and a median cost of homes of $323,851, 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 43.68% of the village's housing units. Other types of housing that are prevalent in Palatine include large apartment complexes or high rise apartments ( 35.40%), row houses and other attached homes ( 13.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.62%).

Dwellings in Palatine tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.19% 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 ( 26.28%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.74%). There's also some housing in Palatine built before 1939 ( 2.37%).

Palatine Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Palatine, where house values have increased just 8.83%, which is annualized rate of 0.85%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 2.66%, 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 1.26%, which equates to an annual appreciation rate of 5.15%.

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

Relative to Illinois, our data show that Palatine'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 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:
$323,851

Palatine, IL HOME PRICES

> $1,063,000
0.8%
0.8%
$797,001 - $1,063,000
1.7%
1.7%
$532,001 - $797,000
11.1%
11.1%
$425,001 - $532,000
10.1%
10.1%
$319,001 - $425,000
21.1%
21.1%
$213,001 - $319,000
23.9%
23.9%
$106,001 - $213,000
22.4%
22.4%
$53,001 - $106,000
7.3%
7.3%
$0 - $53,000
1.6%
1.6%
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:
26,866

Palatine 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
29.98% 1.26%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,651 / per month

Homeownership Rate

Owners
68.8%
68.8%
Renters
31.2%
31.2%
Vacant
5.4%
5.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.7%
9.7%
1970 - 1999
61.6%
61.6%
1940 - 1969
26.3%
26.3%
1939 or Older
2.4%
2.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
43.7%
43.7%
Townhomes
13.1%
13.1%
Small Apt. Buildings
7.6%
7.6%
Apt. Complexes
35.4%
35.4%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
12.7%
12.7%
2 Bedrooms
35.0%
35.0%
3 Bedrooms
27.0%
27.0%
4 Bedrooms
20.3%
20.3%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES