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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Park Ridge Housing Market Information

With a population of 36,950, 14,245 total housing units (homes and apartments), and a median house value of $450,985, 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 71.62% of the city's housing units. Other types of housing that are prevalent in Park Ridge include large apartment complexes or high rise apartments ( 20.34%), row houses and other attached homes ( 4.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.72%).

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 81.30% of Park Ridge's homes, and 65.52% 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 58.86% of the city's housing hails from this era. Other housing ages represented in Park Ridge include homes built between 1970-1999 ( 16.80%) and housing constructed before 1939 ( 14.62%). There's also some housing in Park Ridge built between 2000 and later ( 9.72%).

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 1.59%, which is lower than 70% of US communities.

Over the last year, Park Ridge appreciation rates have trailed the rest of the nation. In the last twelve months, Park Ridge's appreciation rate has been 2.25%, 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 Ridge were at 1.06%, which equates to an annual appreciation rate of 4.29%.

Relative to Illinois, our data show that Park Ridge's latest annual appreciation rate is lower 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 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

 
info

Median Home Value:
$450,985

Park Ridge, IL HOME PRICES

> $1,093,000
3.1%
3.1%
$820,001 - $1,093,000
6.6%
6.6%
$547,001 - $820,000
22.4%
22.4%
$437,001 - $547,000
19.9%
19.9%
$328,001 - $437,000
24.4%
24.4%
$219,001 - $328,000
12.7%
12.7%
$110,001 - $219,000
7.6%
7.6%
$55,001 - $110,000
1.6%
1.6%
$0 - $55,000
1.8%
1.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
14,245

Park Ridge Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
35.22% 1.46%
5
2
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,824 / per month

Homeownership Rate

Owners
81.3%
81.3%
Renters
18.7%
18.7%
Vacant
6.2%
6.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
9.7%
9.7%
1970 - 1999
16.8%
16.8%
1940 - 1969
58.9%
58.9%
1939 or Older
14.6%
14.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
71.6%
71.6%
Townhomes
4.1%
4.1%
Small Apt. Buildings
3.7%
3.7%
Apt. Complexes
20.3%
20.3%
Mobile Homes
0.1%
0.1%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
8.9%
8.9%
2 Bedrooms
17.8%
17.8%
3 Bedrooms
39.9%
39.9%
4 Bedrooms
25.6%
25.6%
5 or more bedrooms
5.5%
5.5%
0.0% 100.0%
% OF HOMES