Mitchell, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mitchell, IN Real Estate Data


Mitchell Housing Market Information

With a population of 4,252, 1,903 total housing units (homes and apartments), and a median house value of $92,046, house prices in Mitchell are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in Mitchell, accounting for 71.15% of the city's housing units. Other types of housing that are prevalent in Mitchell include mobile homes or trailers ( 13.13%), large apartment complexes or high rise apartments ( 9.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.75%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mitchell. Owner-occupied housing accounts for 68.30% of Mitchell's homes, and 54.82% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Mitchell 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 Mitchell built between 1940-1969 ( 28.34%). A lesser amount of the housing stock also hails from before 1939 ( 28.01%). There's also some housing in Mitchell built between 2000 and later ( 8.16%).

Vacant housing appears to be an issue in Mitchell. Fully 11.73% of the housing stock is classified as vacant. Left unchecked, vacant Mitchell homes and apartments can be a drag on the real estate market, holding Mitchell 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.

Mitchell Home Appreciation Rates

Appreciation rates for homes in Mitchell have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.89%, which ranks in the top 30% nationwide. This equates to an annual average Mitchell house appreciation rate of 1.66%.

Appreciation rates are so strong in Mitchell that despite a nationwide downturn in the housing market, Mitchell real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mitchell appreciation rates continue to be some of the highest in America, at 6.60%, which is higher than appreciation rates in 81.04% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mitchell. Mitchell appreciation rates in the latest quarter were at 2.34%, which equates to an annual appreciation rate of 9.71%.

Relative to Indiana, our data show that Mitchell's latest annual appreciation rate is higher than 70% of the other cities and towns in Indiana.

Average Home Values

 

Median Home Value:
$92,046

Mitchell, IN HOME PRICES

Value Range
> $1,126,000 0.2
$845,001 - $1,126,000 0.0
$563,001 - $845,000 3.7
$451,001 - $563,000 0.2
$338,001 - $451,000 0.2
$225,001 - $338,000 2.8
$112,001 - $225,000 22.9
$56,001 - $112,000 45.1
$0 - $56,000 25.0

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
84.025297183346 86.8778280542986

Number Of Homes And Apartments:
1,903

Rent & Ownership

 

Average Market Rent:
$688 / per month

Homeownership Rate

Homeownership
Owners 68.30
Renters 31.70
Vacant 11.73

Housing Market Details

 

Age of Homes

AGE OF Mitchell HOMES
2000 or Newer 8.2
1970 - 1999 35.5
1940 - 1969 28.3
1939 or Older 28.0

Types of Homes

TYPE OF Mitchell HOMES
Single-Family 71.2
Townhomes 0.0
Small Apt. Buildings 5.8
Apt. Complexes 10.0
Mobile Homes 13.1
Other 0.0

Home Size

SIZE OF Mitchell HOMES
No Bedroom 0.00
1 Bedroom 8.77
2 Bedrooms 34.23
3 Bedrooms 48.61
4 Bedrooms 6.22
5 or more bedrooms 2.18

Mitchell Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
37.54% 1.89% 9 4
* 10 is highest

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Zip Codes in Mitchell, IN