Calumet Park, IL Real Estate Market
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
Calumet Park, IL Housing Market Trends
With 6,755 people, 2,614 houses or apartments, and a median cost of homes of $219,401, house prices in Calumet Park are solidly below the national average.
Single-family detached homes are the single most common housing type in Calumet Park, accounting for 59.96% of the village's housing units. Other types of housing that are prevalent in Calumet Park include large apartment complexes or high rise apartments ( 26.51%), duplexes, homes converted to apartments or other small apartment buildings ( 9.60%), and a few row houses and other attached homes ( 2.85%).
The most prevalent building size and type in Calumet Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 47.02% owning and 52.98% renting.
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. Calumet Park's housing was primarily built during this period, from the '40s through the '60s. A full 62.61% of the village's housing hails from this era. Other housing ages represented in Calumet Park include homes built between 1970-1999 ( 20.35%) and housing constructed between 2000 and later ( 8.78%). There's also some housing in Calumet Park built before 1939 ( 8.26%).
Vacant housing appears to be an issue in Calumet Park. Fully 14.35% of the housing stock is classified as vacant. Left unchecked, vacant Calumet Park homes and apartments can be a drag on the real estate market, holding Calumet Park real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Calumet Park Home Appreciation Rates
Appreciation rates for homes in Calumet Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 105.42%, which ranks in the top 30% nationwide. This equates to an annual average Calumet Park house appreciation rate of 7.46%.
Appreciation rates are so strong in Calumet Park that despite a nationwide downturn in the housing market, Calumet Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Calumet Park appreciation rates continue to be some of the highest in America, at 8.74%, which is higher than appreciation rates in 78.44% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Calumet Park. Calumet Park appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.64%.
Relative to Illinois, our data show that Calumet Park's latest annual appreciation rate is higher than 70% of the other cities and towns in Illinois.
Median Home Value
$219,401
Average
for Illinois
Low
for nation
Number of Homes And Apartments:
2,614
IL
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,934 / per month