Harvey, 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
Harvey, IL Housing Market Trends
With 19,590 people, 7,217 houses or apartments, and a median cost of homes of $158,725, house prices in Harvey are solidly below the national average.
Single-family detached homes are the single most common housing type in Harvey, accounting for 64.20% of the city's housing units. Other types of housing that are prevalent in Harvey include duplexes, homes converted to apartments or other small apartment buildings ( 15.38%), large apartment complexes or high rise apartments ( 12.76%), and a few mobile homes or trailers ( 6.19%).
The most prevalent building size and type in Harvey are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.97% owning and 51.03% 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. Harvey's housing was primarily built during this period, from the '40s through the '60s. A full 48.28% of the city's housing hails from this era. Other housing ages represented in Harvey include homes built between 1970-1999 ( 27.39%) and housing constructed before 1939 ( 20.90%). There's also some housing in Harvey built between 2000 and later ( 3.43%).
Vacant housing appears to be an issue in Harvey. Fully 23.67% of the housing stock is classified as vacant. Left unchecked, vacant Harvey homes and apartments can be a drag on the real estate market, holding Harvey 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.
Harvey Home Appreciation Rates
Appreciation rates for homes in Harvey have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.04%, which ranks in the top 50% nationwide. This equates to an annual average Harvey house appreciation rate of 6.85%.
NeighborhoodScout's data show that during the latest twelve months, Harvey's appreciation rate, at 6.46%, has been at or slightly above the national average. In the latest quarter, Harvey's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.
Relative to Illinois, our data show that Harvey's latest annual appreciation rate is lower than 70% 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 Harvey differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Harvey - 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 Harvey real estate investment or home purchase decisions.
Median Home Value
$158,725
Low
for Illinois
Very Low
for nation
Number of Homes And Apartments:
7,217
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:
$1,922 / per month