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
With a population of 138,161, 48,095 total housing units (homes and apartments), and a median house value of $296,347, Surprise real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Surprise, accounting for 84.84% of the city's housing units. Other types of housing that are prevalent in Surprise include large apartment complexes or high rise apartments ( 7.13%), mobile homes or trailers ( 5.21%), and a few row houses and other attached homes ( 1.70%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Surprise. Owner-occupied housing accounts for 74.58% of Surprise's homes, and 57.70% have either three or four bedrooms, which is average sized relative to America.
Surprise homes and real estate are some of the newest in America. 67.06% of Surprise'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 Surprise real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 31.68%), and between 1940-1969 ( 1.22%).
Vacant housing appears to be an issue in Surprise. Fully 14.15% of the housing stock is classified as vacant. Left unchecked, vacant Surprise homes and apartments can be a drag on the real estate market, holding Surprise 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.
In the last 10 years, Surprise has experienced some of the highest home appreciation rates of any community in the nation. Surprise real estate appreciated 93.59% over the last ten years, which is an average annual home appreciation rate of 6.83%, putting Surprise in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Surprise 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 Surprise that despite a nationwide downturn in the housing market, Surprise real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Surprise appreciation rates continue to be some of the highest in America, at 7.81%, which is higher than appreciation rates in 94.02% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Surprise. Surprise appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.02%.
Importantly, NeighborhoodScout’s exclusive research found that Surprise's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Arizona, our data show that Surprise's latest annual appreciation rate is higher than 70% 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 Surprise differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Surprise - 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 Surprise real estate investment or home purchase decisions.
|$990,001 - $1,320,000||0.2|
|$660,001 - $990,000||1.6|
|$528,001 - $660,000||2.8|
|$396,001 - $528,000||12.4|
|$264,001 - $396,000||40.5|
|$132,001 - $264,000||33.7|
|$66,001 - $132,000||4.0|
|$0 - $66,000||4.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
2000 Q1 - 2020 Q2
|* 10 is highest|
|AGE OF Surprise HOMES|
|2000 or Newer||67.1|
|1970 - 1999||31.7|
|1940 - 1969||1.2|
|1939 or Older||0.0|
|TYPE OF Surprise HOMES|
|Small Apt. Buildings||0.7|
|SIZE OF Surprise HOMES|
|5 or more bedrooms||6.33|