Niles, 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
Niles, IL Housing Market Trends
With 29,805 people, 11,332 houses or apartments, and a median cost of homes of $474,598, Niles real estate is some of the most expensive in Illinois, although Niles home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Niles, accounting for 52.59% of the village's housing units. Other types of housing that are prevalent in Niles include large apartment complexes or high rise apartments ( 31.36%), row houses and other attached homes ( 8.49%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.31%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Niles. Owner-occupied housing accounts for 73.32% of Niles's homes, and 51.08% 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. Niles's housing was primarily built during this period, from the '40s through the '60s. A full 62.30% of the village's housing hails from this era. Other housing ages represented in Niles include homes built between 1970-1999 ( 29.42%) and housing constructed between 2000 and later ( 6.23%). There's also some housing in Niles built before 1939 ( 2.05%).
Niles Home Appreciation Rates
Niles's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Niles during the period has been just 4.93%, which is lower than 80% of US communities.
Appreciation rates are so strong in Niles that despite a nationwide downturn in the housing market, Niles real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Niles appreciation rates continue to be some of the highest in America, at 8.49%, which is higher than appreciation rates in 75.46% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Niles. Niles appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.63%.
Relative to Illinois, our data show that Niles's latest annual appreciation rate is higher than 60% 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 Niles differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Niles - 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 Niles real estate investment or home purchase decisions.
Median Home Value
$474,598
Very High
for Illinois
High
for nation
Number of Homes And Apartments:
11,332
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:
$2,169 / per month