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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Palos Hills, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Palos Hills, IL Housing Market Trends

With a population of 17,883, 7,356 total housing units (homes and apartments), and a median house value of $319,343, Palos Hills real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Palos Hills, accounting for 40.54% of the city's housing units. Other types of housing that are prevalent in Palos Hills include large apartment complexes or high rise apartments ( 32.82%), duplexes, homes converted to apartments or other small apartment buildings ( 14.04%), and a few row houses and other attached homes ( 12.61%).

Dwellings in Palos Hills tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 52.39% of the homes in Palos Hills have two or fewer bedrooms.

There is a lot of housing in Palos Hills 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 Hills built between 1940-1969 ( 20.63%). A lesser amount of the housing stock also hails from between 2000 and later ( 4.63%).

Palos Hills Home Appreciation Rates

Palos Hills's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palos Hills during the period has been just 4.90%, which is lower than 70% of US communities.

Over the last year, Palos Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Palos Hills's appreciation rate has been 4.77%, 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 Hills were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Palos Hills's latest annual appreciation rate is lower than 50% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$319,343

Palos Hills, IL Home Prices
> $1,244,000
$933,001 - $1,244,000
$622,001 - $933,000
$497,001 - $622,000
$373,001 - $497,000
$249,001 - $373,000
$125,001 - $249,000
$62,001 - $125,000
$0 - $62,000
0.1%
0.1%
0.0%
0.0%
5.1%
5.1%
4.5%
4.5%
27.0%
27.0%
30.9%
30.9%
23.5%
23.5%
4.3%
4.3%
4.7%
4.7%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

7,356

Palos Hills Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,626 / per month

Homeownership Rate

Owners
Renters
78.3%
78.3%
21.7%
21.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.9%
6.9%
93.1%
93.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.6%
4.6%
74.3%
74.3%
20.6%
20.6%
0.5%
0.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.5%
40.5%
12.6%
12.6%
14.0%
14.0%
32.8%
32.8%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.2%
0.2%
9.1%
9.1%
43.1%
43.1%
35.2%
35.2%
11.0%
11.0%
1.5%
1.5%
0% 100.0%
% of Homes