Berea appreciation rates and housing market information

Berea housing market information

With 9,553 people, 4,040 houses or apartments, and a median cost of homes of $128,044, house prices in Berea are solidly below the national average.

single-family detached homes are the single most common housing type in Berea, accounting for 61.34% of the city's housing units. Other types of housing that are prevalent in Berea include duplexes, homes converted to apartments, or other small apartment buildings (14.73%), large apartment complexes or high rise apartments (14.55%), mobile homes or trailers (7.90%), and a few row houses and other attached homes (1.49%).

The most prevalent building size and type in Berea are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 51.51% owning, and 38.27% renting.

There is a lot of housing in Berea 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 Berea built from 1940-1969 (27.00%). A lesser amount of the housing stock also hails from 1995 and later (18.07%), and some were built from 1939 and earlier (18.07%).

Vacant housing appears to be an issue in Berea. Fully 10.22% of the housing stock is classified as vacant. Left unchecked, vacant Berea homes and apartments can be a drag on the real estate market, holding Berea 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.

Berea home appreciation rates

Real estate appreciation rates in Berea have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.25% during the period.

Appreciation rates are so strong in Berea that despite a nationwide downturn in the housing market, Berea real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Berea appreciation rates continue to be some of the highest in America, at 3.24%, which is higher than appreciation rates in 77% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Berea. Berea appreciation rates in the latest quarter were at 0.77%, which equates to an annual appreciation rate of 3.08%.

Relative to Kentucky, our data show that Berea's latest annual appreciation rate is higher than 57% of the other cities and towns in Kentucky.