menu
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.



Forest 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 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

Forest Park, IL Housing Market Trends

With 13,802 people, 7,328 houses or apartments, and a median cost of homes of $335,139, Forest Park real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Forest Park, accounting for 41.20% of the village's housing units. Other types of housing that are prevalent in Forest Park include single-family detached homes ( 29.37%), duplexes, homes converted to apartments or other small apartment buildings ( 22.68%), and a few row houses and other attached homes ( 6.20%). Villages that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of villages are often walkable and compact, and often have a lively downtown.

People in Forest Park primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Forest Park has a mixture of owner-occupied and renter-occupied housing.

The housing in Forest Park was primarily built before 1939 ( 42.70%), making the housing stock in Forest Park some of the oldest overall in America, although there is a range of ages of homes in Forest Park. The next most important housing age is between 1940-1969 ( 28.55%), followed by between 1970-1999 ( 20.26%). There's also some housing in Forest Park built between 2000 and later ( 8.49%).

Forest Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Forest Park, where house values have increased just 50.91%, which is annualized rate of 4.20%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Forest Park appreciation rates have trailed the rest of the nation. In the last twelve months, Forest Park's appreciation rate has been 0.70%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Forest Park were at 2.79%, which equates to an annual appreciation rate of 11.63%.

Relative to Illinois, our data show that Forest Park's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$335,139

Forest Park, IL Home Prices
> $1,211,000
$908,001 - $1,211,000
$605,001 - $908,000
$484,001 - $605,000
$363,001 - $484,000
$242,001 - $363,000
$121,001 - $242,000
$61,001 - $121,000
$0 - $61,000
0.6%
0.6%
0.6%
0.6%
10.2%
10.2%
11.9%
11.9%
22.6%
22.6%
23.1%
23.1%
24.6%
24.6%
4.6%
4.6%
1.8%
1.8%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

7,328

Forest Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,137 / per month

Homeownership Rate

Owners
Renters
54.1%
54.1%
45.9%
45.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.5%
9.5%
90.5%
90.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.5%
8.5%
20.3%
20.3%
28.6%
28.6%
42.7%
42.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
29.4%
29.4%
6.2%
6.2%
22.7%
22.7%
41.2%
41.2%
0.1%
0.1%
0.4%
0.4%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.1%
4.1%
29.3%
29.3%
35.4%
35.4%
21.4%
21.4%
5.7%
5.7%
4.1%
4.1%
0% 100.0%
% of Homes