Florence AZ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Florence, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Florence Housing Market Information

With 26,419 people, 4,559 houses or apartments, and a median cost of homes of $107,407, house prices in Florence are solidly below the national average.

Single-family detached homes are the single most common housing type in Florence, accounting for 55.90% of the town's housing units. Other types of housing that are prevalent in Florence include mobile homes or trailers ( 31.35%), duplexes, homes converted to apartments or other small apartment buildings ( 5.70%), and a few large apartment complexes or high rise apartments ( 5.34%).

Florence is dominated by renter-occupied one, two, or no bedrooms apartments. 67.90% of Florence's dwellings are rentals.

Florence homes and real estate are some of the newest in America. 51.30% of Florence's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Florence real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 40.85%), and between 1940-1969 ( 4.61%). There's also some housing in Florence built before 1939 ( 3.24%).

Vacant housing appears to be an issue in Florence. Fully 32.01% of the housing stock is classified as vacant. Left unchecked, vacant Florence homes and apartments can be a drag on the real estate market, holding Florence 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.

Florence Home Appreciation Rates

In the last 10 years, Florence has experienced some of the highest home appreciation rates of any community in the nation. Florence real estate appreciated 71.23% over the last ten years, which is an average annual home appreciation rate of 5.53%, putting Florence in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Florence definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Florence that despite a nationwide downturn in the housing market, Florence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Florence appreciation rates continue to be some of the highest in America, at 7.27%, which is higher than appreciation rates in 78.88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Florence. Florence appreciation rates in the latest quarter were at 1.90%, which equates to an annual appreciation rate of 7.83%.

Relative to Arizona, our data show that Florence's latest annual appreciation rate is lower than 50% 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 town. Individual neighborhoods within Florence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Florence - 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 Florence real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$107,407

Florence, AZ HOME PRICES

Value Range
> $1,199,000 0.1
$899,001 - $1,199,000 0.0
$599,001 - $899,000 1.2
$479,001 - $599,000 2.3
$360,001 - $479,000 4.4
$240,001 - $360,000 7.4
$120,001 - $240,000 38.5
$60,001 - $120,000 22.3
$0 - $60,000 23.9

Low for AZ
Very Low for Nation

Value Relative to Nation Value Relative to State
81.9386861313869 73.3333333333333

Number Of Homes And Apartments:
4,559

Florence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AZ*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
74.55% 2.79%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,028 / per month

Homeownership Rate

Homeownership
Owners 32.10
Renters 67.90
Vacant 32.01

Housing Market Details

 

Age of Homes

AGE OF Florence HOMES
2000 or Newer 51.3
1970 - 1999 40.9
1940 - 1969 4.6
1939 or Older 3.2

Types of Homes

TYPE OF Florence HOMES
Single-Family 55.9
Townhomes 1.2
Small Apt. Buildings 5.7
Apt. Complexes 5.3
Mobile Homes 31.3
Other 0.5

Home Size

SIZE OF Florence HOMES
No Bedroom 0.12
1 Bedroom 20.85
2 Bedrooms 37.14
3 Bedrooms 27.90
4 Bedrooms 10.56
5 or more bedrooms 3.43

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Zip Codes in Florence, AZ