Commerce appreciation rates and housing market information
Commerce housing market information
With a population of 6,696, 2,425 total housing units (homes and apartments), and a median house value of $95,974, house prices in Commerce are solidly below the national average.
Single-family detached homes are the single most common housing type in Commerce, accounting for 71.44% of the city's housing units. Other types of housing that are prevalent in Commerce include mobile homes or trailers (11.17%), large apartment complexes or high rise apartments (10.48%), and a few duplexes, homes converted to apartments or other small apartment buildings (6.51%).
The most prevalent building size and type in Commerce are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.87% owning and 39.13% renting.
There is a lot of housing in Commerce 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 Commerce built between 1940-1969 (25.97%). A lesser amount of the housing stock also hails from between 2000 and later (20.66%). There's also some housing in Commerce built before 1939 (8.88%).
Vacant housing appears to be an issue in Commerce. Fully 11.10% of the housing stock is classified as vacant. Left unchecked, vacant Commerce homes and apartments can be a drag on the real estate market, holding Commerce 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.
Commerce home appreciation rates
Commerce's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Commerce during the period has been just -1.41%, which is lower than 80% of US communities.
Over the last year, Commerce appreciation rates have trailed the rest of the nation. In the last twelve months, Commerce's appreciation rate has been 0.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Commerce were at 1.04%, which equates to an annual appreciation rate of 4.23%.
Relative to Georgia, our data show that Commerce's latest annual appreciation rate is lower than 70% of the other cities and towns in Georgia.