Rome, GA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Rome, GA 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 Q3 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

Rome Housing Market Information

With 36,407 people, 13,788 houses or apartments, and a median cost of homes of $129,950, house prices in Rome are solidly below the national average.

Single-family detached homes are the single most common housing type in Rome, accounting for 64.28% of the city's housing units. Other types of housing that are prevalent in Rome include large apartment complexes or high rise apartments ( 18.45%), duplexes, homes converted to apartments or other small apartment buildings ( 13.11%), and a few row houses and other attached homes ( 2.28%).

The most prevalent building size and type in Rome are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.17% owning and 55.83% renting.

There is a lot of housing in Rome 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 Rome built between 1940-1969 ( 37.59%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.21%). There's also some housing in Rome built before 1939 ( 10.24%).

Vacant housing appears to be an issue in Rome. Fully 14.68% of the housing stock is classified as vacant. Left unchecked, vacant Rome homes and apartments can be a drag on the real estate market, holding Rome 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.

Rome Home Appreciation Rates

Real estate appreciation rates in Rome's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.23% during the period.

Appreciation rates are so strong in Rome that despite a nationwide downturn in the housing market, Rome real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rome appreciation rates continue to be some of the highest in America, at 7.91%, which is higher than appreciation rates in 84.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rome. Rome appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Relative to Georgia, our data show that Rome's latest annual appreciation rate is higher than 80% of the other cities and towns in Georgia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rome differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rome - 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 Rome real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$129,950

Rome, GA HOME PRICES

Value Range
> $1,163,000 0.1
$872,001 - $1,163,000 0.1
$581,001 - $872,000 2.5
$465,001 - $581,000 1.6
$349,001 - $465,000 2.7
$233,001 - $349,000 9.3
$116,001 - $233,000 35.3
$58,001 - $116,000 35.1
$0 - $58,000 13.2

Average for GA
Low for Nation

Value Relative to Nation Value Relative to State
62.2694537150887 48.8372093023256

Number Of Homes And Apartments:
13,788

Rome Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2017 Q2 - 2017 Q3
Last 12 Months:
2016 Q3 - 2017 Q3
Last 2 Years:
2015 Q3 - 2017 Q3
Last 5 Years:
2012 Q3 - 2017 Q3
Last 10 Years:
2007 Q3 - 2017 Q3
Since 2000:
2000 Q1 - 2017 Q3
20.62% 1.06% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$790 / per month

Homeownership Rate

Homeownership
Owners 44.17
Renters 55.83
Vacant 14.68

Housing Market Details

 

Age of Homes

AGE OF Rome HOMES
2000 or Newer 14.2
1970 - 1999 38.0
1940 - 1969 37.6
1939 or Older 10.2

Types of Homes

TYPE OF Rome HOMES
Single-Family 64.3
Townhomes 2.3
Small Apt. Buildings 13.1
Apt. Complexes 18.4
Mobile Homes 1.8
Other 0.1

Home Size

SIZE OF Rome HOMES
No Bedroom 3.81
1 Bedroom 10.60
2 Bedrooms 31.19
3 Bedrooms 41.38
4 Bedrooms 10.63
5 or more bedrooms 2.38