Martinsville, IN Housing Market Trends
With a population of 11,946, 4,738 total housing units (homes and apartments), and a median house value of $204,501, house prices in Martinsville are solidly below the national average.
Single-family detached homes are the single most common housing type in Martinsville, accounting for 70.23% of the city's housing units. Other types of housing that are prevalent in Martinsville include duplexes, homes converted to apartments or other small apartment buildings ( 10.95%), large apartment complexes or high rise apartments ( 8.96%), and a few row houses and other attached homes ( 5.27%).
The most prevalent building size and type in Martinsville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.98% owning and 39.02% renting.
The housing in Martinsville was primarily built before 1939 ( 30.69%), making the housing stock in Martinsville some of the oldest overall in America, although there is a range of ages of homes in Martinsville. The next most important housing age is between 1970-1999 ( 29.66%), followed by between 1940-1969 ( 27.92%). There's also some housing in Martinsville built between 2000 and later ( 11.74%).
Vacant housing appears to be an issue in Martinsville. Fully 11.17% of the housing stock is classified as vacant. Left unchecked, vacant Martinsville homes and apartments can be a drag on the real estate market, holding Martinsville 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.
Martinsville Home Appreciation Rates
Appreciation rates for homes in Martinsville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.82%, which ranks in the top 40% nationwide. This equates to an annual average Martinsville house appreciation rate of 7.33%.
Over the last year, Martinsville appreciation rates have trailed the rest of the nation. In the last twelve months, Martinsville's appreciation rate has been 6.53%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Martinsville were at 1.14%, which equates to an annual appreciation rate of 4.65%.
Relative to Indiana, our data show that Martinsville's latest annual appreciation rate is lower than 90% of the other cities and towns in Indiana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Martinsville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Martinsville - 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 Martinsville real estate investment or home purchase decisions.
Median Home Value
$204,501
Low
for Indiana
Low
for nation
Number of Homes And Apartments:
4,738
IN
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,328 / per month