Palos Heights, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Palos Heights Neighborhoods Since 2000




Palos Heights, 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

Palos Heights Housing Market Information

With 12,545 people, 4,775 houses or apartments, and a median cost of homes of $274,330, Palos Heights real estate is some of the most expensive in Illinois, although Palos Heights home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Palos Heights, accounting for 60.95% of the city's housing units. Other types of housing that are prevalent in Palos Heights include row houses and other attached homes ( 21.75%), duplexes, homes converted to apartments or other small apartment buildings ( 11.77%), and a few large apartment complexes or high rise apartments ( 5.53%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palos Heights. Owner-occupied housing accounts for 89.10% of Palos Heights's homes, and 70.29% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palos Heights 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 Palos Heights built between 1940-1969 ( 32.17%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.00%). There's also some housing in Palos Heights built before 1939 ( 4.21%).

Palos Heights Home Appreciation Rates

Homes have actually lost value in Palos Heights over the last then years, as home values have seen a decline of 19.99% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palos Heights home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Palos Heights appreciation rates have trailed the rest of the nation. In the last twelve months, Palos Heights's appreciation rate has been 2.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palos Heights were at 0.43%, which equates to an annual appreciation rate of 1.74%.

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

Average Home Values

 

Median Home Value:
$274,330

Palos Heights, IL HOME PRICES

Value Range
> $1,069,000 0.7
$802,001 - $1,069,000 1.4
$534,001 - $802,000 3.3
$427,001 - $534,000 9.5
$321,001 - $427,000 26.7
$214,001 - $321,000 34.9
$107,001 - $214,000 18.9
$54,001 - $107,000 2.7
$0 - $54,000 1.9

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
19.1462557131138 12.2784810126582

Number Of Homes And Apartments:
4,775

Palos Heights 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
18.56% 0.99% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,245 / per month

Homeownership Rate

Homeownership
Owners 89.10
Renters 10.90
Vacant 5.69

Housing Market Details

 

Age of Homes

AGE OF Palos Heights HOMES
2000 or Newer 16.0
1970 - 1999 47.6
1940 - 1969 32.2
1939 or Older 4.2

Types of Homes

TYPE OF Palos Heights HOMES
Single-Family 61.0
Townhomes 21.7
Small Apt. Buildings 11.8
Apt. Complexes 5.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Palos Heights HOMES
No Bedroom 0.00
1 Bedroom 0.49
2 Bedrooms 24.57
3 Bedrooms 42.72
4 Bedrooms 27.57
5 or more bedrooms 4.64