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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.



Oak 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 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

Oak Park, IL Housing Market Trends

With a population of 52,553, 23,345 total housing units (homes and apartments), and a median house value of $533,743, Oak Park house prices are not only among the most expensive in Illinois, Oak Park real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Oak Park, accounting for 46.41% of the village's housing units. Other types of housing that are prevalent in Oak Park include single-family detached homes ( 40.58%), duplexes, homes converted to apartments or other small apartment buildings ( 9.66%), and a few row houses and other attached homes ( 3.35%). This particular housing mix is relatively uncommon and characteristic of villages that are compact and walkable, and which often have a lively downtown.

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

The housing in Oak Park was primarily built before 1939 ( 58.95%), making the housing stock in Oak Park some of the oldest overall in America, although there is a range of ages of homes in Oak Park. The next most important housing age is between 1940-1969 ( 20.09%), followed by between 1970-1999 ( 13.41%). There's also some housing in Oak Park built between 2000 and later ( 7.55%).

Oak Park Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Oak Park, where house values have increased just 35.99%, which is annualized rate of 3.12%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Oak Park appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Park'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 Oak Park were at 0.21%, which equates to an annual appreciation rate of 0.86%.

Relative to Illinois, our data show that Oak Park's latest annual appreciation rate is higher than 50% 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 village. Individual neighborhoods within Oak Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Park - 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 Oak Park real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$533,743

Oak Park, IL Home Prices
> $1,169,000
$877,001 - $1,169,000
$585,001 - $877,000
$468,001 - $585,000
$351,001 - $468,000
$234,001 - $351,000
$117,001 - $234,000
$58,001 - $117,000
$0 - $58,000
2.7%
2.7%
9.4%
9.4%
24.9%
24.9%
19.4%
19.4%
15.2%
15.2%
12.9%
12.9%
12.1%
12.1%
2.6%
2.6%
0.7%
0.7%
0% 100.0%
% of Homes
Very High

for Illinois

Very High

for nation

Number of Homes And Apartments:

23,345

Oak Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,124 / per month

Homeownership Rate

Owners
Renters
59.0%
59.0%
41.0%
41.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.5%
5.5%
94.5%
94.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.5%
7.5%
13.4%
13.4%
20.1%
20.1%
59.0%
59.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.6%
40.6%
3.3%
3.3%
9.7%
9.7%
46.4%
46.4%
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
5.2%
5.2%
25.9%
25.9%
24.9%
24.9%
23.2%
23.2%
14.2%
14.2%
6.6%
6.6%
0% 100.0%
% of Homes