Skokie, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Skokie Neighborhoods Since 2000




Skokie, 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

Skokie Housing Market Information

With 64,821 people, 22,787 houses or apartments, and a median cost of homes of $314,921, 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 55.56% of the village's housing units. Other types of housing that are prevalent in Skokie include large apartment complexes or high rise apartments ( 24.85%), duplexes, homes converted to apartments or other small apartment buildings ( 14.37%), and a few row houses and other attached homes ( 5.14%).

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 72.27% of Skokie's homes, and 54.41% 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 67.79% of the village's housing hails from this era. Other housing ages represented in Skokie include homes built between 1970-1999 ( 16.15%) and housing constructed before 1939 ( 9.01%). There's also some housing in Skokie built between 2000 and later ( 7.05%).

Skokie Home Appreciation Rates

Homes have actually lost value in Skokie over the last then years, as home values have seen a decline of 23.12% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Skokie home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

NeighborhoodScout's data show that during the latest twelve months, Skokie's appreciation rate, at 4.71%, has been at or slightly above the national average. In the latest quarter, Skokie's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Skokie's latest annual appreciation rate is higher 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:
$314,921

Skokie, IL HOME PRICES

Value Range
> $1,154,000 0.8
$865,001 - $1,154,000 1.5
$577,001 - $865,000 5.4
$462,001 - $577,000 8.3
$346,001 - $462,000 25.2
$231,001 - $346,000 33.4
$115,001 - $231,000 18.9
$58,001 - $115,000 3.8
$0 - $58,000 2.7

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
15.0533223954061 9.24050632911393

Number Of Homes And Apartments:
22,787

Skokie 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
22.67% 1.19% 5 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,463 / per month

Homeownership Rate

Homeownership
Owners 72.27
Renters 27.73
Vacant 7.35

Housing Market Details

 

Age of Homes

AGE OF Skokie HOMES
2000 or Newer 7.1
1970 - 1999 16.2
1940 - 1969 67.8
1939 or Older 9.0

Types of Homes

TYPE OF Skokie HOMES
Single-Family 55.6
Townhomes 5.1
Small Apt. Buildings 14.4
Apt. Complexes 24.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Skokie HOMES
No Bedroom 0.46
1 Bedroom 9.32
2 Bedrooms 32.01
3 Bedrooms 41.89
4 Bedrooms 12.52
5 or more bedrooms 3.80