Vernon Hills, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Vernon Hills, IL Housing Market Trends

With 26,521 people, 9,735 houses or apartments, and a median cost of homes of $428,602, Vernon Hills house prices are not only among the most expensive in Illinois, Vernon Hills 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 Vernon Hills, accounting for 39.27% of the village's housing units. Other types of housing that are prevalent in Vernon Hills include large apartment complexes or high rise apartments ( 29.23%), row houses and other attached homes ( 24.59%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.49%).

The most prevalent building size and type in Vernon Hills are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 64.28% owning and 35.72% renting.

There is a lot of housing in Vernon Hills built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Vernon Hills built between 2000 and later ( 28.14%). A lesser amount of the housing stock also hails from between 1940-1969 ( 3.60%). There's also some housing in Vernon Hills built before 1939 ( 1.54%).

Vernon Hills Home Appreciation Rates

Vernon Hills's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Vernon Hills during the period has been just 1.46%, which is lower than 80% of US communities.

Over the last year, Vernon Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Vernon Hills's appreciation rate has been 1.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Vernon Hills were at 0.94%, which equates to an annual appreciation rate of 3.80%.

Notably, Vernon Hills's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Vernon Hills'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 Vernon Hills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Vernon Hills - 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 Vernon Hills real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$428,602

Vernon Hills, IL HOME PRICES

> $1,055,000
1.6%
1.6%
$792,001 - $1,055,000
4.6%
4.6%
$527,001 - $792,000
19.4%
19.4%
$422,001 - $527,000
13.1%
13.1%
$316,001 - $422,000
24.6%
24.6%
$211,001 - $316,000
14.4%
14.4%
$105,001 - $211,000
17.7%
17.7%
$53,001 - $105,000
2.6%
2.6%
$0 - $53,000
2.0%
2.0%
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:
9,735

Vernon Hills Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
32.35% 1.33%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,218 / per month

Homeownership Rate

Owners
64.3%
64.3%
Renters
35.7%
35.7%
Vacant
7.1%
7.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
28.1%
28.1%
1970 - 1999
66.7%
66.7%
1940 - 1969
3.6%
3.6%
1939 or Older
1.5%
1.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
39.3%
39.3%
Townhomes
24.6%
24.6%
Small Apt. Buildings
6.5%
6.5%
Apt. Complexes
29.2%
29.2%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
10.6%
10.6%
2 Bedrooms
31.3%
31.3%
3 Bedrooms
26.6%
26.6%
4 Bedrooms
25.4%
25.4%
5 or more bedrooms
4.3%
4.3%
0.0% 100.0%
% OF HOMES