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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.



Palos 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 Q4 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2023 (latest available). Updated annually.

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

Palos Heights, IL Housing Market Trends

With 11,515 people, 4,495 houses or apartments, and a median cost of homes of $425,650, Palos Heights real estate is some of the most expensive in Illinois, although Palos Heights home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Palos Heights, accounting for 60.84% of the city's housing units. Other types of housing that are prevalent in Palos Heights include row houses and other attached homes ( 22.62%), duplexes, homes converted to apartments or other small apartment buildings ( 10.25%), and a few large apartment complexes or high rise apartments ( 6.30%).

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 Heights. Owner-occupied housing accounts for 90.86% of Palos Heights's homes, and 74.32% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Palos Heights 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 Heights built between 1940-1969 ( 33.37%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.40%). There's also some housing in Palos Heights built before 1939 ( 2.50%).

Palos Heights Home Appreciation Rates

Palos Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palos Heights during the period has been just 4.85%, which is lower than 80% of US communities.

Appreciation rates are so strong in Palos Heights that despite a nationwide downturn in the housing market, Palos Heights real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palos Heights appreciation rates continue to be some of the highest in America, at 10.28%, which is higher than appreciation rates in 84.10% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palos Heights. Palos Heights appreciation rates in the latest quarter were at 2.27%, which equates to an annual appreciation rate of 9.38%.

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

Average Home Values

Median Home Value

$425,650

Palos Heights, IL Home Prices
> $1,321,000
$991,001 - $1,321,000
$661,001 - $991,000
$529,001 - $661,000
$397,001 - $529,000
$264,001 - $397,000
$133,001 - $264,000
$66,001 - $133,000
$0 - $66,000
0.8%
0.8%
1.9%
1.9%
10.2%
10.2%
17.7%
17.7%
34.9%
34.9%
27.0%
27.0%
4.9%
4.9%
0.8%
0.8%
1.8%
1.8%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

4,495

Palos Heights Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,563 / per month

Homeownership Rate

Owners
Renters
90.9%
90.9%
9.1%
9.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.6%
5.6%
94.4%
94.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.4%
18.4%
45.7%
45.7%
33.4%
33.4%
2.5%
2.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.8%
60.8%
22.6%
22.6%
10.2%
10.2%
6.3%
6.3%
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
1.1%
1.1%
1.7%
1.7%
19.7%
19.7%
46.5%
46.5%
27.8%
27.8%
3.2%
3.2%
0% 100.0%
% of Homes