Iuka appreciation rates and housing market information
Iuka housing market information
With a population of 3,037, 1,333 total housing units (homes and apartments), and a median house value of $73,354, the cost of homes in Iuka is among some of the lowest in the nation. Compared to Mississippi, however, Iuka real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Iuka, accounting for 76.91% of the city's housing units. Other types of housing that are prevalent in Iuka include duplexes, homes converted to apartments or other small apartment buildings (11.75%), mobile homes or trailers (5.08%), and a few large apartment complexes or high rise apartments (4.38%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Iuka. Owner-occupied housing accounts for 67.55% of Iuka's homes, and 62.80% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Iuka 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 Iuka built between 1940-1969 (36.23%). A lesser amount of the housing stock also hails from before 1939 (12.52%). There's also some housing in Iuka built between 2000 and later (4.03%).
Vacant housing appears to be an issue in Iuka. Fully 14.47% of the housing stock is classified as vacant. Left unchecked, vacant Iuka homes and apartments can be a drag on the real estate market, holding Iuka 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.
Iuka home appreciation rates
Appreciation rates for homes in Iuka have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 12.75%, which ranks in the top 50% nationwide. This equates to an annual average Iuka house appreciation rate of 1.21%.
Over the last year, Iuka appreciation rates have trailed the rest of the nation. In the last twelve months, Iuka's appreciation rate has been 0.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Iuka were at 0.49%, which equates to an annual appreciation rate of 1.99%.
Relative to Mississippi, our data show that Iuka's latest annual appreciation rate is lower than 50% of the other cities and towns in Mississippi.