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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 21,954 people, 8,298 houses or apartments, and a median cost of homes of $76,549, 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 56.46% of the village's housing units. Other types of housing that are prevalent in Park Forest include row houses and other attached homes ( 21.55%), large apartment complexes or high rise apartments ( 15.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.64%).
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 60.93% owning and 39.07% 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 74.80% of the village's housing hails from this era. Other housing ages represented in Park Forest include homes built between 1970-1999 ( 16.66%) and housing constructed between 2000 and later ( 4.37%). There's also some housing in Park Forest built before 1939 ( 4.18%).
Vacant housing appears to be an issue in Park Forest. Fully 10.66% 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.
Homes have actually lost value in Park Forest over the last then years, as home values have seen a decline of 48.72% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Park Forest home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.
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 -5.03%, 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 0.43%, which equates to an annual appreciation rate of 1.74%.
Relative to Illinois, our data show that Park Forest's latest annual appreciation rate is lower than 90% 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.
|$680,001 - $907,000||0.2|
|$454,001 - $680,000||0.6|
|$362,001 - $454,000||0.1|
|$272,001 - $362,000||1.4|
|$182,001 - $272,000||3.1|
|$90,001 - $182,000||28.4|
|$45,001 - $90,000||33.8|
|$0 - $45,000||32.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Park Forest HOMES|
|2000 or Newer||4.4|
|1970 - 1999||16.7|
|1940 - 1969||74.8|
|1939 or Older||4.2|
|TYPE OF Park Forest HOMES|
|Small Apt. Buildings||6.6|
|SIZE OF Park Forest HOMES|
|5 or more bedrooms||2.26|