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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.



Palos Heights, 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 Q2 2024. 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

Palos Heights, IL Housing Market Trends

With a population of 11,632, 4,553 total housing units (homes and apartments), and a median house value of $416,903, Palos Heights real estate is some of the most expensive in Illinois, although Palos Heights home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Palos Heights, accounting for 62.24% of the city's housing units. Other types of housing that are prevalent in Palos Heights include row houses and other attached homes ( 20.75%), duplexes, homes converted to apartments or other small apartment buildings ( 10.59%), and a few large apartment complexes or high rise apartments ( 6.41%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palos Heights. Owner-occupied housing accounts for 90.42% of Palos Heights's homes, and 74.24% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palos Heights 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 Palos Heights built between 1940-1969 ( 33.66%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.86%). There's also some housing in Palos Heights built before 1939 ( 2.15%).

Palos Heights Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Palos Heights, where house values have increased just 55.51%, which is annualized rate of 4.51%. 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, Palos Heights's appreciation rate, at 7.49%, has been at or slightly above the national average. In the latest quarter, Palos Heights's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.

Relative to Illinois, our data show that Palos Heights's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$416,903

Palos Heights, IL Home Prices
> $1,325,000
$993,001 - $1,325,000
$662,001 - $993,000
$530,001 - $662,000
$397,001 - $530,000
$265,001 - $397,000
$132,001 - $265,000
$66,001 - $132,000
$0 - $66,000
0.7%
0.7%
1.7%
1.7%
10.2%
10.2%
15.1%
15.1%
32.2%
32.2%
30.8%
30.8%
5.9%
5.9%
0.9%
0.9%
2.5%
2.5%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

4,553

Palos Heights Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,429 / per month

Homeownership Rate

Owners
Renters
90.4%
90.4%
9.6%
9.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.8%
5.8%
94.2%
94.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
19.9%
19.9%
44.3%
44.3%
33.7%
33.7%
2.2%
2.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
62.2%
62.2%
20.8%
20.8%
10.6%
10.6%
6.4%
6.4%
0.0%
0.0%
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
1.2%
1.2%
1.9%
1.9%
19.2%
19.2%
45.7%
45.7%
28.5%
28.5%
3.5%
3.5%
0% 100.0%
% of Homes