Palos Park, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Palos Park, IL Real Estate Data


Palos Park Housing Market Information

With 4,888 people, 2,057 houses or apartments, and a median cost of homes of $371,678, 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 68.82% of the village's housing units. Other types of housing that are prevalent in Palos Park include row houses and other attached homes ( 13.92%), large apartment complexes or high rise apartments ( 8.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.35%).

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 85.19% of Palos Park's homes, and 64.46% 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 ( 36.80%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.00%). There's also some housing in Palos Park built before 1939 ( 6.75%).

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 18.79% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Palos Park home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

NeighborhoodScout's data show that during the latest twelve months, Palos Park's appreciation rate, at 4.68%, has been at or slightly above the national average. In the latest quarter, Palos Park's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

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

Average Home Values

 

Median Home Value:
$371,678

Palos Park, IL HOME PRICES

Value Range
> $1,083,000 2.4
$813,001 - $1,083,000 3.5
$542,001 - $813,000 10.6
$433,001 - $542,000 17.6
$325,001 - $433,000 29.4
$216,001 - $325,000 22.7
$108,001 - $216,000 11.1
$54,001 - $108,000 1.2
$0 - $54,000 1.6

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
11.1670668150143 7.21518987341772

Number Of Homes And Apartments:
2,057

Rent & Ownership

 

Average Market Rent:
$1,425 / per month

Homeownership Rate

Homeownership
Owners 85.19
Renters 14.81
Vacant 3.56

Housing Market Details

 

Age of Homes

AGE OF Palos Park HOMES
2000 or Newer 18.0
1970 - 1999 38.4
1940 - 1969 36.8
1939 or Older 6.8

Types of Homes

TYPE OF Palos Park HOMES
Single-Family 68.8
Townhomes 13.9
Small Apt. Buildings 8.3
Apt. Complexes 8.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Palos Park HOMES
No Bedroom 0.84
1 Bedroom 8.44
2 Bedrooms 18.19
3 Bedrooms 36.76
4 Bedrooms 27.71
5 or more bedrooms 8.06

Palos Park 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
18.98% 1.03% 4 2
* 10 is highest