Milford appreciation rates and housing market information

Milford housing market information

With 4,157 people, 2,815 houses or apartments, and a median cost of homes of $226,800, Milford real estate is some of the most expensive in Iowa, although Milford home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Milford, accounting for 69.31% of the town's housing units. Other types of housing that are prevalent in Milford include large apartment complexes or high rise apartments (14.10%), mobile homes or trailers (11.30%), row houses and other attached homes (3.45%), and a few duplexes, homes converted to apartments, or other small apartment buildings (1.71%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 34.28% of Milford's homes, and 48.24% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Milford 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 Milford built from 1940-1969 (29.88%). A lesser amount of the housing stock also hails from 1995 and later (14.53%), and some were built from 1939 and earlier (14.53%).

A decent proportion of the Milford housing stock is seasonally occupied. That is, homes and condos in Milford are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Milford housing market speaks to its popularity as a vacation location of choice.

Milford home appreciation rates

Appreciation rates for homes in Milford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.38%, which ranks in the top 40% nationwide. This equates to an annual average Milford house appreciation rate of 9.43%.

Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 6.45%, which is higher than appreciation rates in 88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 1.22%, which equates to an annual appreciation rate of 4.88%.

Importantly, this makes Milford one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Iowa, our data show that Milford's latest annual appreciation rate is higher than 83% of the other cities and towns in Iowa.