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 83,861 people, 29,909 houses or apartments, and a median cost of homes of $168,536, Hemet real estate values are some of the lowest in California, although compared to real estate around the nation, Hemet homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Hemet, accounting for 50.91% of the city's housing units. Other types of housing that are prevalent in Hemet include mobile homes or trailers ( 23.87%), large apartment complexes or high rise apartments ( 15.13%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.46%).
People in Hemet primarily live in small (one, two or no bedroom) single-family detached homes. Hemet has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Hemet 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 Hemet built between 2000 and later ( 23.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.06%). There's also some housing in Hemet built before 1939 ( 1.02%).
Vacant housing appears to be an issue in Hemet. Fully 12.97% of the housing stock is classified as vacant. Left unchecked, vacant Hemet homes and apartments can be a drag on the real estate market, holding Hemet 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.
Homes have actually lost value in Hemet over the last then years, as home values have seen a decline of 32.78% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hemet home appreciation rates at 2.02%, which equates to an annual appreciation rate of 8.32%.
Appreciation rates are so strong in Hemet that despite a nationwide downturn in the housing market, Hemet real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Hemet appreciation rates continue to be some of the highest in America, at 11.07%, which is higher than appreciation rates in 96.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Hemet. Hemet appreciation rates in the latest quarter were at 2.02%, which equates to an annual appreciation rate of 8.32%.
Importantly, this makes Hemet 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 California, our data show that Hemet's latest annual appreciation rate is higher than 90% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Hemet differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hemet - 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 Hemet real estate investment or home purchase decisions.
|$1,077,001 - $1,436,000||0.3|
|$718,001 - $1,077,000||0.7|
|$575,001 - $718,000||0.9|
|$431,001 - $575,000||3.9|
|$287,001 - $431,000||14.9|
|$143,001 - $287,000||36.7|
|$72,001 - $143,000||19.9|
|$0 - $72,000||22.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Hemet HOMES|
|2000 or Newer||23.0|
|1970 - 1999||56.9|
|1940 - 1969||19.1|
|1939 or Older||1.0|
|TYPE OF Hemet HOMES|
|Small Apt. Buildings||5.5|
|SIZE OF Hemet HOMES|
|5 or more bedrooms||3.64|