El Mirage, AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating El Mirage Neighborhoods Since 2000




El Mirage, AZ Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

El Mirage Housing Market Information

With 33,935 people, 9,777 houses or apartments, and a median cost of homes of $148,854, El Mirage real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in El Mirage, accounting for 87.14% of the city's housing units. Other types of housing that are prevalent in El Mirage include mobile homes or trailers ( 7.42%), large apartment complexes or high rise apartments ( 2.27%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.64%).

The most prevalent building size and type in El Mirage are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.90% owning and 39.10% renting.

El Mirage homes and real estate are some of the newest in America. 67.03% of El Mirage's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the El Mirage real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 27.27%), and between 1940-1969 ( 5.35%).

Vacant housing appears to be an issue in El Mirage. Fully 11.49% of the housing stock is classified as vacant. Left unchecked, vacant El Mirage homes and apartments can be a drag on the real estate market, holding El Mirage 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.

El Mirage Home Appreciation Rates

Homes have actually lost value in El Mirage over the last then years, as home values have seen a decline of 26.02% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows El Mirage home appreciation rates at 2.04%, which equates to an annual appreciation rate of 8.40%.

Appreciation rates are so strong in El Mirage that despite a nationwide downturn in the housing market, El Mirage real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, El Mirage appreciation rates continue to be some of the highest in America, at 14.85%, which is higher than appreciation rates in 99.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in El Mirage. El Mirage appreciation rates in the latest quarter were at 2.04%, which equates to an annual appreciation rate of 8.40%.

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

Relative to Arizona, our data show that El Mirage's latest annual appreciation rate is higher than 90% of the other cities and towns in Arizona.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within El Mirage differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in El Mirage - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best El Mirage real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$148,854

El Mirage, AZ HOME PRICES

Value Range
> $1,482,000 0.2
$1,112,001 - $1,482,000 0.6
$741,001 - $1,112,000 0.1
$593,001 - $741,000 0.6
$445,001 - $593,000 1.2
$297,001 - $445,000 5.8
$148,001 - $297,000 46.3
$74,001 - $148,000 37.4
$0 - $74,000 7.9

Average for AZ
Average for Nation

Value Relative to Nation Value Relative to State
50.5332239540607 46.6216216216216

Number Of Homes And Apartments:
9,777

El Mirage Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
66.19% 2.99% 7 8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,401 / per month

Homeownership Rate

Homeownership
Owners 60.90
Renters 39.10
Vacant 11.49

Housing Market Details

 

Age of Homes

AGE OF El Mirage HOMES
2000 or Newer 67.0
1970 - 1999 27.3
1940 - 1969 5.4
1939 or Older 0.4

Types of Homes

TYPE OF El Mirage HOMES
Single-Family 87.1
Townhomes 1.1
Small Apt. Buildings 1.6
Apt. Complexes 2.3
Mobile Homes 7.4
Other 0.5

Home Size

SIZE OF El Mirage HOMES
No Bedroom 1.00
1 Bedroom 5.48
2 Bedrooms 14.39
3 Bedrooms 48.55
4 Bedrooms 27.65
5 or more bedrooms 2.93