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Skokie, 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 Q1 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Skokie, IL Housing Market Trends

With a population of 66,422, 24,067 total housing units (homes and apartments), and a median house value of $393,179, Skokie real estate is some of the most expensive in Illinois, although Skokie home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Skokie, accounting for 56.16% of the village's housing units. Other types of housing that are prevalent in Skokie include large apartment complexes or high rise apartments ( 25.56%), duplexes, homes converted to apartments or other small apartment buildings ( 13.11%), and a few row houses and other attached homes ( 4.81%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Skokie. Owner-occupied housing accounts for 71.54% of Skokie's homes, and 56.67% 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. Skokie's housing was primarily built during this period, from the '40s through the '60s. A full 68.82% of the village's housing hails from this era. Other housing ages represented in Skokie include homes built between 1970-1999 ( 17.08%) and housing constructed before 1939 ( 7.31%). There's also some housing in Skokie built between 2000 and later ( 6.78%).

Skokie Home Appreciation Rates

Skokie's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Skokie during the period has been just 4.32%, which is lower than 70% of US communities.

Over the last year, Skokie appreciation rates have trailed the rest of the nation. In the last twelve months, Skokie's appreciation rate has been 1.59%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Skokie were at -2.20%, which equates to an annual appreciation rate of -8.50%.

Relative to Illinois, our data show that Skokie's latest annual appreciation rate is lower than 80% 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 Skokie differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Skokie - 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 Skokie real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$393,179

Skokie, IL Home Prices
> $1,164,000
$873,001 - $1,164,000
$582,001 - $873,000
$466,001 - $582,000
$349,001 - $466,000
$233,001 - $349,000
$116,001 - $233,000
$58,001 - $116,000
$0 - $58,000
1.4%
1.4%
2.4%
2.4%
9.0%
9.0%
13.7%
13.7%
35.2%
35.2%
25.2%
25.2%
10.6%
10.6%
0.5%
0.5%
2.0%
2.0%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

24,067

Skokie Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,308 / per month

Homeownership Rate

Owners
Renters
Vacant
71.5%
71.5%
28.5%
28.5%
5.3%
5.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.8%
6.8%
17.1%
17.1%
68.8%
68.8%
7.3%
7.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
56.2%
56.2%
4.8%
4.8%
13.1%
13.1%
25.6%
25.6%
0.3%
0.3%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.2%
1.2%
10.4%
10.4%
27.8%
27.8%
42.0%
42.0%
14.7%
14.7%
3.9%
3.9%
0% 100.0%
% of Homes