Palos Heights, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Palos Heights Neighborhoods Since 2000




Palos Heights, IL Real Estate Data


Palos Heights Housing Market Information

With 12,545 people, 4,779 houses or apartments, and a median cost of homes of $297,702, 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 61.97% of the city's housing units. Other types of housing that are prevalent in Palos Heights include row houses and other attached homes ( 21.43%), duplexes, homes converted to apartments or other small apartment buildings ( 10.97%), and a few large apartment complexes or high rise apartments ( 5.64%).

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 89.02% of Palos Heights's homes, and 71.09% 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 ( 33.75%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.76%). There's also some housing in Palos Heights built before 1939 ( 4.18%).

Palos Heights Home Appreciation Rates

Palos Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palos Heights during the period has been just -1.99%, which is lower than 80% of US communities.

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 4.29%, 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 1.63%, which equates to an annual appreciation rate of 6.69%.

Relative to Illinois, our data show that Palos Heights's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$297,702

Palos Heights, IL HOME PRICES

Value Range
> $1,085,000 0.7
$814,001 - $1,085,000 1.4
$543,001 - $814,000 3.2
$434,001 - $543,000 9.6
$326,001 - $434,000 27.8
$217,001 - $326,000 35.8
$108,001 - $217,000 17.4
$54,001 - $108,000 2.2
$0 - $54,000 1.8

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
17.1107337354336 11.5189873417722

Number Of Homes And Apartments:
4,779

Rent & Ownership

 

Average Market Rent:
$1,349 / per month

Homeownership Rate

Homeownership
Owners 89.02
Renters 10.98
Vacant 7.08

Housing Market Details

 

Age of Homes

AGE OF Palos Heights HOMES
2000 or Newer 16.8
1970 - 1999 45.3
1940 - 1969 33.8
1939 or Older 4.2

Types of Homes

TYPE OF Palos Heights HOMES
Single-Family 62.0
Townhomes 21.4
Small Apt. Buildings 11.0
Apt. Complexes 5.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Palos Heights HOMES
No Bedroom 0.17
1 Bedroom 0.80
2 Bedrooms 22.36
3 Bedrooms 44.20
4 Bedrooms 26.89
5 or more bedrooms 5.58

Palos Heights Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
22.25% 1.19% 4 2
* 10 is highest