Jerome, ID 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

Jerome, ID Housing Market Trends

With 11,994 people, 3,941 houses or apartments, and a median cost of homes of $188,250, Jerome real estate values are some of the lowest in Idaho, although compared to real estate around the nation, Jerome homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Jerome, accounting for 75.04% of the city's housing units. Other types of housing that are prevalent in Jerome include mobile homes or trailers ( 9.93%), duplexes, homes converted to apartments or other small apartment buildings ( 6.83%), and a few large apartment complexes or high rise apartments ( 4.99%).

The most prevalent building size and type in Jerome are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.66% owning and 43.34% renting.

There is a lot of housing in Jerome 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 Jerome built between 1940-1969 ( 21.93%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.10%). There's also some housing in Jerome built before 1939 ( 12.12%).

Jerome Home Appreciation Rates

In the last 10 years, Jerome has experienced some of the highest home appreciation rates of any community in the nation. Jerome real estate appreciated 56.37% over the last ten years, which is an average annual home appreciation rate of 4.57%, putting Jerome in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Jerome 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 Jerome that despite a nationwide downturn in the housing market, Jerome real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Jerome appreciation rates continue to be some of the highest in America, at 10.00%, which is higher than appreciation rates in 99.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Jerome. Jerome appreciation rates in the latest quarter were at 3.81%, which equates to an annual appreciation rate of 16.15%.

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

Average Home Values

 
info

Median Home Value:
$188,250

Jerome, ID HOME PRICES

> $1,285,000
0.3%
0.3%
$964,001 - $1,285,000
2.0%
2.0%
$643,001 - $964,000
2.6%
2.6%
$514,001 - $643,000
1.2%
1.2%
$385,001 - $514,000
4.9%
4.9%
$257,001 - $385,000
16.1%
16.1%
$128,001 - $257,000
47.0%
47.0%
$64,001 - $128,000
18.8%
18.8%
$0 - $64,000
7.1%
7.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for ID

Value Relative To Nation

Number Of Homes And Apartments:
3,941

Jerome Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ID*
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
97.94% 3.30%
1
8
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,091 / per month

Homeownership Rate

Owners
56.7%
56.7%
Renters
43.3%
43.3%
Vacant
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
18.1%
18.1%
1970 - 1999
47.9%
47.9%
1940 - 1969
21.9%
21.9%
1939 or Older
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.0%
75.0%
Townhomes
3.2%
3.2%
Small Apt. Buildings
6.8%
6.8%
Apt. Complexes
5.0%
5.0%
Mobile Homes
9.9%
9.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
7.8%
7.8%
2 Bedrooms
24.4%
24.4%
3 Bedrooms
46.3%
46.3%
4 Bedrooms
18.4%
18.4%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES

Zip Codes in Jerome, ID