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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 52,553, 23,345 total housing units (homes and apartments), and a median house value of $559,864, Oak Park house prices are not only among the most expensive in Illinois, Oak Park real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Oak Park, accounting for 46.41% of the village's housing units. Other types of housing that are prevalent in Oak Park include single-family detached homes ( 40.58%), duplexes, homes converted to apartments or other small apartment buildings ( 9.66%), and a few row houses and other attached homes ( 3.35%). Villages with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact villages that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
People in Oak Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Oak Park has a mixture of owner-occupied and renter-occupied housing.
The housing in Oak Park was primarily built before 1939 ( 58.95%), making the housing stock in Oak Park some of the oldest overall in America, although there is a range of ages of homes in Oak Park. The next most important housing age is between 1940-1969 ( 20.09%), followed by between 1970-1999 ( 13.41%). There's also some housing in Oak Park built between 2000 and later ( 7.55%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Oak Park, where house values have increased just 38.71%, which is annualized rate of 3.33%. 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, Oak Park's appreciation rate, at 6.55%, has been at or slightly above the national average. In the latest quarter, Oak Park's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.
Relative to Illinois, our data show that Oak Park's latest annual appreciation rate is lower than 70% 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 Oak Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - 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 Oak Park real estate investment or home purchase decisions.
$559,864
for Illinois
for nation
23,345
$2,234 / per month