River Forest, 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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

River Forest, IL Housing Market Trends

With 11,717 people, 4,040 houses or apartments, and a median cost of homes of $873,718, River Forest house prices are not only among the most expensive in Illinois, River Forest 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 River Forest, accounting for 63.24% of the village's housing units. Other types of housing that are prevalent in River Forest include large apartment complexes or high rise apartments ( 27.18%), row houses and other attached homes ( 5.72%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.57%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in River Forest. Owner-occupied housing accounts for 79.44% of River Forest's homes, and 58.75% have either three or four bedrooms, which is average sized relative to America.

The housing in River Forest was primarily built before 1939 ( 47.58%), making the housing stock in River Forest some of the oldest overall in America, although there is a range of ages of homes in River Forest. The next most important housing age is between 1940-1969 ( 32.95%), followed by between 1970-1999 ( 10.68%). There's also some housing in River Forest built between 2000 and later ( 8.78%).

River Forest Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in River Forest, where house values have increased just 30.70%, which is annualized rate of 2.71%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, River Forest appreciation rates have trailed the rest of the nation. In the last twelve months, River Forest's appreciation rate has been 7.97%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in River Forest were at 1.07%, which equates to an annual appreciation rate of 4.35%.

Notably, River Forest's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that River Forest's latest annual appreciation rate is lower than 90% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$873,718

River Forest Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
63.29% 2.23%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,656 / per month

Homeownership Rate

Owners
Renters
Vacant
79.4%
79.4%
20.6%
20.6%
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.8%
8.8%
10.7%
10.7%
33.0%
33.0%
47.6%
47.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.2%
63.2%
5.7%
5.7%
3.6%
3.6%
27.2%
27.2%
0.3%
0.3%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
9.6%
9.6%
18.7%
18.7%
33.1%
33.1%
25.6%
25.6%
12.5%
12.5%
0.0% 100.0%
% OF HOMES