Highland Park IL Homes for Sale
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HIGHLAND PARK HOUSING MARKET INFORMATION
With 29,622 people, 11,494 houses or apartments, and a median cost of homes of $618,439, Highland Park house prices are not only among the most expensive in Illinois, Highland Park real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Highland Park, accounting for 76.20% of the city’s housing units. Other types of housing that are prevalent in Highland Park include large apartment complexes or high rise apartments ( 14.93%), row houses and other attached homes ( 5.53%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.33%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Highland Park. Owner-occupied housing accounts for 81.95% of Highland Park’s homes, and 63.07% 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. Highland Park’s housing was primarily built during this period, from the ’40s through the ’60s. A full 37.82% of the city’s housing hails from this era. Other housing ages represented in Highland Park include homes built between 1970-1999 ( 30.10%) and housing constructed before 1939 ( 20.70%). There’s also some housing in Highland Park built between 2000 and later ( 11.38%).
HIGHLAND PARK HOME APPRECIATION RATES
Highland Park’s appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Highland Park during the period has been just 0.22%, which is lower than 80% of US communities.
Over the last year, Highland Park appreciation rates have trailed the rest of the nation. In the last twelve months, Highland Park’s appreciation rate has been 2.61%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout’s data show that house appreciation rates in Highland Park were at 1.29%, which equates to an annual appreciation rate of 5.25%.
Relative to Illinois, our data show that Highland 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 city. Individual neighborhoods within Highland Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Highland 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 Highland Park real estate investment or home purchase decisions.
Information provided by: https://www.neighborhoodscout.com/il/highland-park/real-estate