Berea, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Berea, KY 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 Q1 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

Berea Housing Market Information

With a population of 14,882, 5,343 total housing units (homes and apartments), and a median house value of $127,697, house prices in Berea are solidly below the national average.

Single-family detached homes are the single most common housing type in Berea, accounting for 63.12% of the city's housing units. Other types of housing that are prevalent in Berea include duplexes, homes converted to apartments or other small apartment buildings ( 18.85%), large apartment complexes or high rise apartments ( 12.78%), and a few mobile homes or trailers ( 4.10%).

The most prevalent building size and type in Berea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.24% owning and 49.76% renting.

There is a lot of housing in Berea 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 Berea built between 2000 and later ( 25.65%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.68%). There's also some housing in Berea built before 1939 ( 5.45%).

Berea Home Appreciation Rates

Real estate appreciation rates in Berea's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.02% during the period.

Over the last year, Berea appreciation rates have trailed the rest of the nation. In the last twelve months, Berea's appreciation rate has been 2.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Berea were at 0.56%, which equates to an annual appreciation rate of 2.24%.

Relative to Kentucky, our data show that Berea's latest annual appreciation rate is lower than 60% of the other cities and towns in Kentucky.

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

Average Home Values

 

Median Home Value:
$127,697

Berea, KY HOME PRICES

Value Range
> $1,062,000 0.0
$796,001 - $1,062,000 0.0
$531,001 - $796,000 1.2
$425,001 - $531,000 1.0
$318,001 - $425,000 0.8
$212,001 - $318,000 10.7
$106,001 - $212,000 50.5
$53,001 - $106,000 24.6
$0 - $53,000 11.2

High for KY
Low for Nation

Value Relative to Nation Value Relative to State
61.0863705613501 33.5839598997494

Number Of Homes And Apartments:
5,343

Berea Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
31.28% 1.59% 4 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$852 / per month

Homeownership Rate

Homeownership
Owners 50.24
Renters 49.76
Vacant 9.90

Housing Market Details

 

Age of Homes

AGE OF Berea HOMES
2000 or Newer 25.6
1970 - 1999 50.2
1940 - 1969 18.7
1939 or Older 5.4

Types of Homes

TYPE OF Berea HOMES
Single-Family 63.1
Townhomes 1.1
Small Apt. Buildings 18.9
Apt. Complexes 12.8
Mobile Homes 4.1
Other 0.0

Home Size

SIZE OF Berea HOMES
No Bedroom 0.47
1 Bedroom 6.88
2 Bedrooms 34.00
3 Bedrooms 45.18
4 Bedrooms 10.32
5 or more bedrooms 3.15