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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.



Park Forest, 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

Park Forest, IL Housing Market Trends

With 20,954 people, 7,976 houses or apartments, and a median cost of homes of $109,633, house prices in Park Forest are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Park Forest, accounting for 63.62% of the village's housing units. Other types of housing that are prevalent in Park Forest include row houses and other attached homes ( 24.20%), large apartment complexes or high rise apartments ( 9.26%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.92%).

The most prevalent building size and type in Park Forest are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 59.66% owning and 40.34% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Park Forest's housing was primarily built during this period, from the '40s through the '60s. A full 75.72% of the village's housing hails from this era. Other housing ages represented in Park Forest include homes built between 1970-1999 ( 18.67%) and housing constructed before 1939 ( 2.86%). There's also some housing in Park Forest built between 2000 and later ( 2.75%).

Vacant housing appears to be an issue in Park Forest. Fully 10.22% of the housing stock is classified as vacant. Left unchecked, vacant Park Forest homes and apartments can be a drag on the real estate market, holding Park Forest real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Park Forest Home Appreciation Rates

Appreciation rates for homes in Park Forest have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 97.43%, which ranks in the top 40% nationwide. This equates to an annual average Park Forest house appreciation rate of 7.04%.

Over the last year, Park Forest appreciation rates have trailed the rest of the nation. In the last twelve months, Park Forest'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 Park Forest were at 0.21%, which equates to an annual appreciation rate of 0.86%.

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

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Park Forest differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Park Forest - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Park Forest real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$109,633

Park Forest, IL Home Prices
> $1,403,000
$1,052,001 - $1,403,000
$702,001 - $1,052,000
$561,001 - $702,000
$421,001 - $561,000
$280,001 - $421,000
$140,001 - $280,000
$70,001 - $140,000
$0 - $70,000
0.1%
0.1%
0.3%
0.3%
0.3%
0.3%
0.0%
0.0%
0.9%
0.9%
9.6%
9.6%
36.5%
36.5%
22.5%
22.5%
29.7%
29.7%
0% 100.0%
% of Homes
Very Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

7,976

Park Forest Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,930 / per month

Homeownership Rate

Owners
Renters
59.7%
59.7%
40.3%
40.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.2%
10.2%
89.8%
89.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.7%
2.7%
18.7%
18.7%
75.7%
75.7%
2.9%
2.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.6%
63.6%
24.2%
24.2%
2.9%
2.9%
9.3%
9.3%
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
1.3%
1.3%
6.3%
6.3%
33.0%
33.0%
40.9%
40.9%
18.0%
18.0%
0.6%
0.6%
0% 100.0%
% of Homes