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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.



Oak Lawn, 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

Oak Lawn, IL Housing Market Trends

With a population of 56,286, 21,984 total housing units (homes and apartments), and a median house value of $339,219, Oak Lawn real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Oak Lawn, accounting for 66.58% of the village's housing units. Other types of housing that are prevalent in Oak Lawn include large apartment complexes or high rise apartments ( 23.73%), duplexes, homes converted to apartments or other small apartment buildings ( 7.02%), and a few row houses and other attached homes ( 1.71%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Oak Lawn. Owner-occupied housing accounts for 81.20% of Oak Lawn's homes, and 58.18% 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. Oak Lawn's housing was primarily built during this period, from the '40s through the '60s. A full 53.90% of the village's housing hails from this era. Other housing ages represented in Oak Lawn include homes built between 1970-1999 ( 37.65%) and housing constructed between 2000 and later ( 5.15%). There's also some housing in Oak Lawn built before 1939 ( 3.31%).

Oak Lawn Home Appreciation Rates

Oak Lawn's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Oak Lawn during the period has been just 5.28%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Oak Lawn's appreciation rate, at 5.70%, has been at or slightly above the national average. In the latest quarter, Oak Lawn's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.

Relative to Illinois, our data show that Oak Lawn'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 village. Individual neighborhoods within Oak Lawn differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Lawn - 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 Oak Lawn real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$339,219

Oak Lawn, IL Home Prices
> $1,288,000
$966,001 - $1,288,000
$644,001 - $966,000
$515,001 - $644,000
$387,001 - $515,000
$257,001 - $387,000
$129,001 - $257,000
$65,001 - $129,000
$0 - $65,000
0.2%
0.2%
0.1%
0.1%
1.8%
1.8%
4.8%
4.8%
22.9%
22.9%
37.4%
37.4%
24.0%
24.0%
5.3%
5.3%
3.3%
3.3%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

21,984

Oak Lawn Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,185 / per month

Homeownership Rate

Owners
Renters
81.2%
81.2%
18.8%
18.8%
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
5.1%
5.1%
37.6%
37.6%
53.9%
53.9%
3.3%
3.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
66.6%
66.6%
1.7%
1.7%
7.0%
7.0%
23.7%
23.7%
1.0%
1.0%
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
0.6%
0.6%
8.9%
8.9%
27.9%
27.9%
40.8%
40.8%
17.4%
17.4%
4.4%
4.4%
0% 100.0%
% of Homes