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 4,792 people, 2,000 houses or apartments, and a median cost of homes of $493,113, Palos Park real estate is some of the most expensive in Illinois, although Palos Park home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Palos Park, accounting for 70.90% of the village's housing units. Other types of housing that are prevalent in Palos Park include row houses and other attached homes ( 15.46%), large apartment complexes or high rise apartments ( 7.45%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.19%).
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 Park. Owner-occupied housing accounts for 88.57% of Palos Park's homes, and 70.86% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Palos Park 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 Park built between 1940-1969 ( 32.40%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.64%). There's also some housing in Palos Park built before 1939 ( 10.66%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Palos Park, where house values have increased just 50.48%, which is annualized rate of 4.17%. 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 Park's appreciation rate, at 6.39%, has been at or slightly above the national average. In the latest quarter, Palos Park's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.
Relative to Illinois, our data show that Palos Park's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.
$493,113
for Illinois
for nation
2,000
$2,926 / per month