Vernon Hills, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Vernon Hills, 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 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Vernon Hills Housing Market Information

With 26,253 people, 9,849 houses or apartments, and a median cost of homes of $442,451, 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 40.00% of the village's housing units. Other types of housing that are prevalent in Vernon Hills include large apartment complexes or high rise apartments ( 27.51%), row houses and other attached homes ( 25.30%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.94%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Vernon Hills. Owner-occupied housing accounts for 68.07% of Vernon Hills's homes, and 50.95% have either three or four bedrooms, which is average sized relative to America.

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 ( 24.95%). A lesser amount of the housing stock also hails from between 1940-1969 ( 4.21%).

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 0.03%, which is lower than 70% 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 0.67%, 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 0.39%, which equates to an annual appreciation rate of 1.58%.

Relative to Illinois, our data show that Vernon Hills'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 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:
$442,451

Vernon Hills, IL HOME PRICES

Value Range
> $1,108,000 0.8
$831,001 - $1,108,000 2.2
$554,001 - $831,000 18.6
$443,001 - $554,000 11.8
$332,001 - $443,000 25.2
$222,001 - $332,000 12.7
$111,001 - $222,000 21.4
$55,001 - $111,000 4.6
$0 - $55,000 2.8

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
9.06277372262774 4.55696202531646

Number Of Homes And Apartments:
9,849

Vernon Hills Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
34.58% 1.55%
6
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,153 / per month

Homeownership Rate

Homeownership
Owners 68.07
Renters 31.93
Vacant 5.53

Housing Market Details

 

Age of Homes

AGE OF Vernon Hills HOMES
2000 or Newer 24.9
1970 - 1999 70.3
1940 - 1969 4.2
1939 or Older 0.5

Types of Homes

TYPE OF Vernon Hills HOMES
Single-Family 40.0
Townhomes 25.3
Small Apt. Buildings 6.9
Apt. Complexes 27.5
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Vernon Hills HOMES
No Bedroom 1.02
1 Bedroom 11.16
2 Bedrooms 32.48
3 Bedrooms 25.92
4 Bedrooms 25.04
5 or more bedrooms 4.39