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 1,440, 611 total housing units (homes and apartments), and a median house value of $237,894, house prices in Benton are solidly below the national average.
Single-family detached homes are the single most common housing type in Benton, accounting for 52.92% of the town's housing units. Other types of housing that are prevalent in Benton include mobile homes or trailers ( 26.17%), large apartment complexes or high rise apartments ( 13.80%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.11%).
The most prevalent building size and type in Benton are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 51.32% owning and 48.68% renting.
There is a lot of housing in Benton 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 Benton built between 2000 and later ( 31.86%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.37%). There's also some housing in Benton built before 1939 ( 5.69%).
Vacant housing appears to be an issue in Benton. Fully 13.09% of the housing stock is classified as vacant. Left unchecked, vacant Benton homes and apartments can be a drag on the real estate market, holding Benton 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.
Appreciation rates for homes in Benton have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 103.65%, which ranks in the top 30% nationwide. This equates to an annual average Benton house appreciation rate of 7.37%.
Over the last year, Benton appreciation rates have trailed the rest of the nation. In the last twelve months, Benton's appreciation rate has been 4.16%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Benton were at -2.43%, which equates to an annual appreciation rate of -9.37%.
Notably, Benton's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Tennessee, our data show that Benton's latest annual appreciation rate is lower than 70% of the other cities and towns in Tennessee.
$237,894
for Tennessee
for nation
611
$1,270 / per month