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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.



Palatine, 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 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

Palatine, IL Housing Market Trends

With a population of 65,485, 26,582 total housing units (homes and apartments), and a median house value of $442,953, Palatine real estate is some of the most expensive in Illinois, although Palatine home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Palatine, accounting for 43.26% of the village's housing units. Other types of housing that are prevalent in Palatine include large apartment complexes or high rise apartments ( 33.81%), row houses and other attached homes ( 14.38%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.20%).

Dwellings in Palatine tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 48.16% of the homes in Palatine have two or fewer bedrooms.

There is a lot of housing in Palatine 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 Palatine built between 1940-1969 ( 26.65%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.46%). There's also some housing in Palatine built before 1939 ( 3.61%).

Palatine Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Palatine, where house values have increased just 50.71%, which is annualized rate of 4.19%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Palatine that despite a nationwide downturn in the housing market, Palatine real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palatine appreciation rates continue to be some of the highest in America, at 8.13%, which is higher than appreciation rates in 71.53% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palatine. Palatine 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 Palatine's latest annual appreciation rate is lower 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 village. Individual neighborhoods within Palatine differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palatine - 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 Palatine real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$442,953

Palatine, IL Home Prices
> $1,302,000
$976,001 - $1,302,000
$651,001 - $976,000
$521,001 - $651,000
$391,001 - $521,000
$261,001 - $391,000
$130,001 - $261,000
$65,001 - $130,000
$0 - $65,000
1.0%
1.0%
3.2%
3.2%
16.3%
16.3%
14.5%
14.5%
24.2%
24.2%
16.8%
16.8%
20.1%
20.1%
2.6%
2.6%
1.3%
1.3%
0% 100.0%
% of Homes
Very High

for Illinois

High

for nation

Number of Homes And Apartments:

26,582

Palatine Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,497 / per month

Homeownership Rate

Owners
Renters
67.3%
67.3%
32.7%
32.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.3%
5.3%
94.7%
94.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.5%
11.5%
58.3%
58.3%
26.7%
26.7%
3.6%
3.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
43.3%
43.3%
14.4%
14.4%
8.2%
8.2%
33.8%
33.8%
0.3%
0.3%
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
2.3%
2.3%
12.1%
12.1%
33.7%
33.7%
27.8%
27.8%
19.9%
19.9%
4.2%
4.2%
0% 100.0%
% of Homes