Palos Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Palos Park, 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 Park Housing Market Information

With a population of 4,888, 1,953 total housing units (homes and apartments), and a median house value of $332,629, Palos Park house prices are not only among the most expensive in Illinois, Palos Park real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Palos Park, accounting for 69.58% of the village's housing units. Other types of housing that are prevalent in Palos Park include row houses and other attached homes ( 12.60%), duplexes, homes converted to apartments or other small apartment buildings ( 10.40%), and a few large apartment complexes or high rise apartments ( 7.42%).

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 Park. Owner-occupied housing accounts for 85.75% of Palos Park's homes, and 59.72% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palos Park 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 Park built between 1940-1969 ( 34.96%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.72%). There's also some housing in Palos Park built before 1939 ( 7.03%).

Palos Park Home Appreciation Rates

Homes have actually lost value in Palos Park over the last then years, as home values have seen a decline of 23.46% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palos Park home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Palos Park appreciation rates have trailed the rest of the nation. In the last twelve months, Palos Park's appreciation rate has been 0.39%, 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 Park were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Palos Park's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$332,629

Palos Park, IL HOME PRICES

Value Range
> $1,027,000 2.0
$770,001 - $1,027,000 3.9
$513,001 - $770,000 10.5
$411,001 - $513,000 19.5
$308,001 - $411,000 26.6
$205,001 - $308,000 21.7
$103,001 - $205,000 13.1
$51,001 - $103,000 1.2
$0 - $51,000 1.6

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
13.5063869682409 7.9746835443038

Number Of Homes And Apartments:
1,953

Palos Park 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
13.33% 0.73% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,539 / per month

Homeownership Rate

Homeownership
Owners 85.75
Renters 14.25
Vacant 4.64

Housing Market Details

 

Age of Homes

AGE OF Palos Park HOMES
2000 or Newer 15.7
1970 - 1999 42.3
1940 - 1969 35.0
1939 or Older 7.0

Types of Homes

TYPE OF Palos Park HOMES
Single-Family 69.6
Townhomes 12.6
Small Apt. Buildings 10.4
Apt. Complexes 7.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Palos Park HOMES
No Bedroom 0.68
1 Bedroom 7.23
2 Bedrooms 20.80
3 Bedrooms 34.47
4 Bedrooms 25.24
5 or more bedrooms 11.57