Luverne appreciation rates and housing market information

Luverne housing market information

With 5,244 people, 3,155 houses or apartments, and a median cost of homes of $98,200,

single-family detached homes are the single most common housing type in Luverne, accounting for 65.01% of the town's housing units. Other types of housing that are prevalent in Luverne include mobile homes or trailers (24.94%), duplexes, homes converted to apartments, or other small apartment buildings (6.59%), large apartment complexes or high rise apartments (2.41%), and a few row houses and other attached homes (1.05%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Luverne. Owner-occupied housing accounts for 61.11% of Luverne's homes, and 64.79% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Luverne built from 1970-1994, 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 Luverne built from 1940-1969 (31.95%). A lesser amount of the housing stock also hails from 1939 and earlier (14.46%), and some were built from 1995 and later (14.46%).

Vacant housing appears to be an issue in Luverne. Fully 14.33% of the housing stock is classified as vacant. Left unchecked, vacant Luverne homes and apartments can be a drag on the real estate market, holding Luverne 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.

Luverne home appreciation rates

Appreciation rates for homes in Luverne have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.63%, which ranks in the top 40% nationwide. This equates to an annual average Luverne house appreciation rate of 8.86%.

Appreciation rates are so strong in Luverne that despite a nationwide downturn in the housing market, Luverne real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Luverne appreciation rates continue to be some of the highest in America, at 5.87%, which is higher than appreciation rates in 84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Luverne. Luverne appreciation rates in the latest quarter were at 0.83%, which equates to an annual appreciation rate of 3.32%.

Relative to Alabama, our data show that Luverne's latest annual appreciation rate is higher than 66% of the other cities and towns in Alabama.