Chicago 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Chicago Heights, IL Housing Market Trends

With a population of 29,322, 9,939 total housing units (homes and apartments), and a median house value of $115,786, house prices in Chicago Heights are solidly below the national average.

Single-family detached homes are the single most common housing type in Chicago Heights, accounting for 67.06% of the city's housing units. Other types of housing that are prevalent in Chicago Heights include duplexes, homes converted to apartments or other small apartment buildings ( 16.13%), large apartment complexes or high rise apartments ( 12.09%), and a few row houses and other attached homes ( 2.95%).

The most prevalent building size and type in Chicago Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.64% owning and 39.36% renting.

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. Chicago Heights's housing was primarily built during this period, from the '40s through the '60s. A full 59.05% of the city's housing hails from this era. Other housing ages represented in Chicago Heights include homes built before 1939 ( 19.14%) and housing constructed between 1970-1999 ( 17.78%). There's also some housing in Chicago Heights built between 2000 and later ( 4.04%).

Vacant housing appears to be an issue in Chicago Heights. Fully 15.35% of the housing stock is classified as vacant. Left unchecked, vacant Chicago Heights homes and apartments can be a drag on the real estate market, holding Chicago Heights 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.

Chicago Heights Home Appreciation Rates

Real estate appreciation rates in Chicago Heights's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.20% during the period.

NeighborhoodScout's data show that during the latest twelve months, Chicago Heights's appreciation rate, at 9.05%, has been at or slightly above the national average. In the latest quarter, Chicago Heights's appreciation rate has been 2.04%, which annualizes to a rate of 8.39%.

Relative to Illinois, our data show that Chicago Heights's latest annual appreciation rate is higher than 90% 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 city. Individual neighborhoods within Chicago Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chicago Heights - 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 Chicago Heights real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$115,786

Chicago Heights, IL HOME PRICES

> $1,292,000
0.3%
0.3%
$970,001 - $1,292,000
0.1%
0.1%
$646,001 - $970,000
1.1%
1.1%
$517,001 - $646,000
0.9%
0.9%
$388,001 - $517,000
2.4%
2.4%
$258,001 - $388,000
7.5%
7.5%
$130,001 - $258,000
39.3%
39.3%
$64,001 - $130,000
39.2%
39.2%
$0 - $64,000
9.2%
9.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
9,939

Chicago Heights Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
26.13% 1.09%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,403 / per month

Homeownership Rate

Owners
60.6%
60.6%
Renters
39.4%
39.4%
Vacant
15.3%
15.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.0%
4.0%
1970 - 1999
17.8%
17.8%
1940 - 1969
59.0%
59.0%
1939 or Older
19.1%
19.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.1%
67.1%
Townhomes
2.9%
2.9%
Small Apt. Buildings
16.1%
16.1%
Apt. Complexes
12.1%
12.1%
Mobile Homes
1.7%
1.7%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.4%
4.4%
1 Bedroom
7.8%
7.8%
2 Bedrooms
20.2%
20.2%
3 Bedrooms
53.5%
53.5%
4 Bedrooms
12.3%
12.3%
5 or more bedrooms
1.8%
1.8%
0.0% 100.0%
% OF HOMES