Park Ridge, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Park Ridge Neighborhoods Since 2000




Park Ridge, 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 Ridge Housing Market Information

With 37,757 people, 14,085 houses or apartments, and a median cost of homes of $421,894, Park Ridge house prices are not only among the most expensive in Illinois, Park Ridge 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 Park Ridge, accounting for 72.55% of the city's housing units. Other types of housing that are prevalent in Park Ridge include large apartment complexes or high rise apartments ( 20.67%), duplexes, homes converted to apartments or other small apartment buildings ( 4.11%), and a few row houses and other attached homes ( 2.68%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Park Ridge. Owner-occupied housing accounts for 81.18% of Park Ridge's homes, and 63.83% have either three or four bedrooms, which is average sized relative to America.

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 Ridge's housing was primarily built during this period, from the '40s through the '60s. A full 57.30% of the city's housing hails from this era. Other housing ages represented in Park Ridge include homes built before 1939 ( 18.57%) and housing constructed between 1970-1999 ( 16.19%). There's also some housing in Park Ridge built between 2000 and later ( 7.93%).

Park Ridge Home Appreciation Rates

Park Ridge's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Park Ridge during the period has been just -1.50%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Park Ridge's appreciation rate, at 4.23%, has been at or slightly above the national average. In the latest quarter, Park Ridge's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Park Ridge's latest annual appreciation rate is higher than 70% 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 city. Individual neighborhoods within Park Ridge differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Park Ridge - 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 Ridge real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$421,894

Park Ridge, IL HOME PRICES

Value Range
> $1,143,000 2.4
$857,001 - $1,143,000 5.9
$571,001 - $857,000 18.7
$457,001 - $571,000 17.9
$343,001 - $457,000 26.1
$228,001 - $343,000 15.2
$114,001 - $228,000 9.9
$57,001 - $114,000 2.0
$0 - $57,000 1.9

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
8.44954881050041 4.93670886075949

Number Of Homes And Apartments:
14,085

Park Ridge 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
28.73% 1.47% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,647 / per month

Homeownership Rate

Homeownership
Owners 81.18
Renters 18.82
Vacant 5.31

Housing Market Details

 

Age of Homes

AGE OF Park Ridge HOMES
2000 or Newer 7.9
1970 - 1999 16.2
1940 - 1969 57.3
1939 or Older 18.6

Types of Homes

TYPE OF Park Ridge HOMES
Single-Family 72.6
Townhomes 2.7
Small Apt. Buildings 4.1
Apt. Complexes 20.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Park Ridge HOMES
No Bedroom 1.81
1 Bedroom 8.15
2 Bedrooms 20.77
3 Bedrooms 39.43
4 Bedrooms 24.40
5 or more bedrooms 5.45