Park Forest, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Park Forest Neighborhoods Since 2000




Park Forest, 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

Park Forest Housing Market Information

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.

Park Forest Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$76,549

Park Forest, IL HOME PRICES

Value Range
> $907,000 0.0
$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

Very Low for IL
Very Low for Nation

Value Relative to Nation Value Relative to State
92.4469705847885 91.6455696202532

Number Of Homes And Apartments:
8,298

Park Forest 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
-29.96% -2.04% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,153 / per month

Homeownership Rate

Homeownership
Owners 60.93
Renters 39.07
Vacant 10.66

Housing Market Details

 

Age of Homes

AGE OF Park Forest HOMES
2000 or Newer 4.4
1970 - 1999 16.7
1940 - 1969 74.8
1939 or Older 4.2

Types of Homes

TYPE OF Park Forest HOMES
Single-Family 56.5
Townhomes 21.6
Small Apt. Buildings 6.6
Apt. Complexes 15.1
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Park Forest HOMES
No Bedroom 0.08
1 Bedroom 12.86
2 Bedrooms 32.63
3 Bedrooms 39.20
4 Bedrooms 12.97
5 or more bedrooms 2.26