Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,499, 508 total housing units (homes and apartments), and a median house value of $356,804, Advance real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Advance, accounting for 87.93% of the town's housing units. Other types of housing that are prevalent in Advance include mobile homes or trailers ( 8.78%), large apartment complexes or high rise apartments ( 3.29%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Advance. Owner-occupied housing accounts for 80.12% of Advance's homes, and 79.15% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Advance 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 Advance built between 2000 and later ( 39.19%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.99%). There's also some housing in Advance built before 1939 ( 3.29%).
Vacant housing appears to be an issue in Advance. Fully 20.38% of the housing stock is classified as vacant. Left unchecked, vacant Advance homes and apartments can be a drag on the real estate market, holding Advance 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.
Real estate appreciation rates in Advance's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.97% during the period.
Appreciation rates are so strong in Advance that despite a nationwide downturn in the housing market, Advance real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Advance appreciation rates continue to be some of the highest in America, at 9.05%, which is higher than appreciation rates in 91.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Advance. Advance appreciation rates in the latest quarter were at 1.70%, which equates to an annual appreciation rate of 6.97%.
Relative to North Carolina, our data show that Advance's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.
$356,804
for North carolina
for nation
508
$1,362 / per month