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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 36,732, 15,187 total housing units (homes and apartments), and a median house value of $121,731, house prices in New Albany are solidly below the national average.
Single-family detached homes are the single most common housing type in New Albany, accounting for 64.32% of the city's housing units. Other types of housing that are prevalent in New Albany include large apartment complexes or high rise apartments ( 19.18%), duplexes, homes converted to apartments or other small apartment buildings ( 10.89%), and a few row houses and other attached homes ( 3.93%).
People in New Albany primarily live in small (one, two or no bedroom) single-family detached homes. New Albany has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Albany's housing was primarily built during this period, from the '40s through the '60s. A full 36.49% of the city's housing hails from this era. Other housing ages represented in New Albany include homes built between 1970-1999 ( 33.86%) and housing constructed before 1939 ( 23.83%). There's also some housing in New Albany built between 2000 and later ( 5.81%).
Vacant housing appears to be an issue in New Albany. Fully 12.73% of the housing stock is classified as vacant. Left unchecked, vacant New Albany homes and apartments can be a drag on the real estate market, holding New Albany 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.
Appreciation rates for homes in New Albany have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.26%, which ranks in the top 50% nationwide. This equates to an annual average New Albany house appreciation rate of 0.22%.
NeighborhoodScout's data show that during the latest twelve months, New Albany's appreciation rate, at 4.67%, has been at or slightly above the national average. In the latest quarter, New Albany's appreciation rate has been 1.69%, which annualizes to a rate of 6.95%.
Importantly, this makes New Albany 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 Indiana, our data show that New Albany's latest annual appreciation rate is higher than 70% 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 New Albany differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Albany - 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 New Albany real estate investment or home purchase decisions.
|$822,001 - $1,096,000||0.1|
|$548,001 - $822,000||0.3|
|$438,001 - $548,000||0.6|
|$329,001 - $438,000||1.5|
|$219,001 - $329,000||6.1|
|$110,001 - $219,000||45.7|
|$55,001 - $110,000||34.1|
|$0 - $55,000||11.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF New Albany HOMES|
|2000 or Newer||5.8|
|1970 - 1999||33.9|
|1940 - 1969||36.5|
|1939 or Older||23.8|
|TYPE OF New Albany HOMES|
|Small Apt. Buildings||10.9|
|SIZE OF New Albany HOMES|
|5 or more bedrooms||2.55|