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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.



Homewood, 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 Q4 2023. 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

Homewood, IL Housing Market Trends

With 18,735 people, 7,125 houses or apartments, and a median cost of homes of $283,340, Homewood real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Homewood, accounting for 76.53% of the village's housing units. Other types of housing that are prevalent in Homewood include large apartment complexes or high rise apartments ( 13.81%), duplexes, homes converted to apartments or other small apartment buildings ( 7.26%), and a few row houses and other attached homes ( 1.89%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Homewood. Owner-occupied housing accounts for 76.73% of Homewood's homes, and 63.39% have either three or four bedrooms, which is average sized relative to America.

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. Homewood's housing was primarily built during this period, from the '40s through the '60s. A full 51.56% of the village's housing hails from this era. Other housing ages represented in Homewood include homes built between 1970-1999 ( 31.48%) and housing constructed before 1939 ( 13.67%). There's also some housing in Homewood built between 2000 and later ( 3.28%).

Homewood Home Appreciation Rates

Real estate appreciation rates in Homewood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.83% during the period.

Over the last year, Homewood appreciation rates have trailed the rest of the nation. In the last twelve months, Homewood's appreciation rate has been 4.77%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Homewood were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Homewood's latest annual appreciation rate is lower than 50% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$283,340

Homewood, IL Home Prices
> $1,331,000
$998,001 - $1,331,000
$665,001 - $998,000
$532,001 - $665,000
$399,001 - $532,000
$266,001 - $399,000
$133,001 - $266,000
$67,001 - $133,000
$0 - $67,000
0.7%
0.7%
0.4%
0.4%
1.6%
1.6%
1.7%
1.7%
8.4%
8.4%
36.4%
36.4%
39.2%
39.2%
8.1%
8.1%
3.4%
3.4%
0% 100.0%
% of Homes
High

for Illinois

Average

for nation

Number of Homes And Apartments:

7,125

Homewood Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,220 / per month

Homeownership Rate

Owners
Renters
76.7%
76.7%
23.3%
23.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.9%
4.9%
95.1%
95.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.3%
3.3%
31.5%
31.5%
51.6%
51.6%
13.7%
13.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
76.5%
76.5%
1.9%
1.9%
7.3%
7.3%
13.8%
13.8%
0.5%
0.5%
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
1.3%
1.3%
5.2%
5.2%
25.6%
25.6%
38.5%
38.5%
24.9%
24.9%
4.5%
4.5%
0% 100.0%
% of Homes