Millen, GA Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Millen, GA Housing Market Trends

With a population of 2,766, 1,113 total housing units (homes and apartments), and a median house value of $84,202, house prices in Millen are some of the most affordable in Georgia as well as the nation.

Single-family detached homes are the single most common housing type in Millen, accounting for 69.82% of the city's housing units. Other types of housing that are prevalent in Millen include mobile homes or trailers ( 13.60%), duplexes, homes converted to apartments or other small apartment buildings ( 11.85%), and a few large apartment complexes or high rise apartments ( 3.89%).

The most prevalent building size and type in Millen are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.11% owning and 38.89% renting.

There is a lot of housing in Millen 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 Millen built between 1940-1969 ( 39.12%). A lesser amount of the housing stock also hails from before 1939 ( 5.70%). There's also some housing in Millen built between 2000 and later ( 2.53%).

Vacant housing appears to be an issue in Millen. Fully 27.91% of the housing stock is classified as vacant. Left unchecked, vacant Millen homes and apartments can be a drag on the real estate market, holding Millen 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.

Millen Home Appreciation Rates

Appreciation rates for homes in Millen have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 32.92%, which ranks in the top 50% nationwide. This equates to an annual average Millen house appreciation rate of 2.89%.

Appreciation rates are so strong in Millen that despite a nationwide downturn in the housing market, Millen real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Millen appreciation rates continue to be some of the highest in America, at 7.32%, which is higher than appreciation rates in 90.86% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Millen. Millen appreciation rates in the latest quarter were at 3.01%, which equates to an annual appreciation rate of 12.60%.

Importantly, this makes Millen 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 Georgia, our data show that Millen's latest annual appreciation rate is higher than 60% of the other cities and towns in Georgia.

Average Home Values

 

Median Home Value:
$84,202

Millen, GA HOME PRICES

> $1,183,000
0.5%
0.5%
$887,001 - $1,183,000
1.0%
1.0%
$591,001 - $887,000
1.2%
1.2%
$473,001 - $591,000
0.0%
0.0%
$355,001 - $473,000
4.4%
4.4%
$236,001 - $355,000
4.5%
4.5%
$118,001 - $236,000
16.7%
16.7%
$59,001 - $118,000
35.1%
35.1%
$0 - $59,000
36.7%
36.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for GA

Value Relative To Nation

Number Of Homes And Apartments:
1,113

Millen Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
76.28% 2.74%
9
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$699 / per month

Homeownership Rate

Owners
61.1%
61.1%
Renters
38.9%
38.9%
Vacant
27.9%
27.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.5%
2.5%
1970 - 1999
52.7%
52.7%
1940 - 1969
39.1%
39.1%
1939 or Older
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
69.8%
69.8%
Townhomes
0.8%
0.8%
Small Apt. Buildings
11.9%
11.9%
Apt. Complexes
3.9%
3.9%
Mobile Homes
13.6%
13.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.7%
5.7%
1 Bedroom
3.5%
3.5%
2 Bedrooms
25.8%
25.8%
3 Bedrooms
55.0%
55.0%
4 Bedrooms
10.0%
10.0%
5 or more bedrooms
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Millen

Zip Codes in Millen, GA