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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Washington Park, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Washington Park, IL Housing Market Trends

With a population of 2,522, 1,007 total housing units (homes and apartments), and a median house value of $61,693, house prices in Washington Park are some of the most affordable in Illinois as well as the nation.

Single-family detached homes are the single most common housing type in Washington Park, accounting for 79.40% of the village's housing units. Other types of housing that are prevalent in Washington Park include mobile homes or trailers ( 11.44%), row houses and other attached homes ( 3.77%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.57%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Washington Park. Owner-occupied housing accounts for 68.25% of Washington Park's homes, and 54.00% 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. Washington Park's housing was primarily built during this period, from the '40s through the '60s. A full 48.47% of the village's housing hails from this era. Other housing ages represented in Washington Park include homes built between 1970-1999 ( 32.68%) and housing constructed before 1939 ( 14.68%). There's also some housing in Washington Park built between 2000 and later ( 4.16%).

Vacant housing appears to be an issue in Washington Park. Fully 34.57% of the housing stock is classified as vacant. Left unchecked, vacant Washington Park homes and apartments can be a drag on the real estate market, holding Washington Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Washington Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Washington Park, where house values have increased just 26.60%, which is annualized rate of 2.39%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Washington Park's appreciation rate, at 6.65%, has been at or slightly above the national average. In the latest quarter, Washington Park's appreciation rate has been -0.41%, which annualizes to a rate of -1.64%.

Relative to Illinois, our data show that Washington Park's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$61,693

Washington Park, IL Home Prices
> $1,151,000
$863,001 - $1,151,000
$575,001 - $863,000
$460,001 - $575,000
$345,001 - $460,000
$230,001 - $345,000
$115,001 - $230,000
$58,001 - $115,000
$0 - $58,000
0.0%
0.0%
0.0%
0.0%
4.0%
4.0%
0.0%
0.0%
0.0%
0.0%
3.1%
3.1%
8.6%
8.6%
32.4%
32.4%
51.9%
51.9%
0% 100.0%
% of Homes
Very Low

for Illinois

Very Low

for nation

Number of Homes And Apartments:

1,007

Washington Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,344 / per month

Homeownership Rate

Owners
Renters
68.2%
68.2%
31.8%
31.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
34.6%
34.6%
65.4%
65.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.2%
4.2%
32.7%
32.7%
48.5%
48.5%
14.7%
14.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
79.4%
79.4%
3.8%
3.8%
3.6%
3.6%
1.8%
1.8%
11.4%
11.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
4.2%
4.2%
41.2%
41.2%
46.7%
46.7%
7.3%
7.3%
0.0%
0.0%
0% 100.0%
% of Homes

Popular Neighborhoods in Washington Park

Zip Codes in Washington Park, IL