Corbin, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Corbin, KY Real Estate Data


Corbin Housing Market Information

With 7,389 people, 2,686 houses or apartments, and a median cost of homes of $103,177, house prices in Corbin are solidly below the national average.

Single-family detached homes are the single most common housing type in Corbin, accounting for 62.99% of the city's housing units. Other types of housing that are prevalent in Corbin include duplexes, homes converted to apartments or other small apartment buildings ( 19.10%), large apartment complexes or high rise apartments ( 14.02%), and a few mobile homes or trailers ( 2.88%).

The most prevalent building size and type in Corbin are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.10% owning and 47.90% renting.

There is a lot of housing in Corbin 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 Corbin built between 1940-1969 ( 35.41%). A lesser amount of the housing stock also hails from before 1939 ( 12.71%). There's also some housing in Corbin built between 2000 and later ( 9.07%).

Vacant housing appears to be an issue in Corbin. Fully 12.02% of the housing stock is classified as vacant. Left unchecked, vacant Corbin homes and apartments can be a drag on the real estate market, holding Corbin 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.

Corbin Home Appreciation Rates

Appreciation rates for homes in Corbin have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.47%, which ranks in the top 50% nationwide. This equates to an annual average Corbin house appreciation rate of 0.63%.

Over the last year, Corbin appreciation rates have trailed the rest of the nation. In the last twelve months, Corbin's appreciation rate has been 3.45%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Corbin were at 1.14%, which equates to an annual appreciation rate of 4.64%.

Relative to Kentucky, our data show that Corbin's latest annual appreciation rate is lower than 50% 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 Corbin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Corbin - 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 Corbin real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$103,177

Corbin, KY HOME PRICES

Value Range
> $1,090,000 0.0
$817,001 - $1,090,000 0.0
$545,001 - $817,000 2.1
$436,001 - $545,000 1.1
$327,001 - $436,000 3.5
$218,001 - $327,000 7.6
$109,001 - $218,000 31.5
$55,001 - $109,000 35.8
$0 - $55,000 18.4

Average for KY
Low for Nation

Value Relative to Nation Value Relative to State
76.8431223282778 52.6315789473684

Number Of Homes And Apartments:
2,686

Rent & Ownership

 

Average Market Rent:
$759 / per month

Homeownership Rate

Homeownership
Owners 52.10
Renters 47.90
Vacant 12.02

Housing Market Details

 

Age of Homes

AGE OF Corbin HOMES
2000 or Newer 9.1
1970 - 1999 42.8
1940 - 1969 35.4
1939 or Older 12.7

Types of Homes

TYPE OF Corbin HOMES
Single-Family 63.0
Townhomes 1.0
Small Apt. Buildings 19.1
Apt. Complexes 14.0
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Corbin HOMES
No Bedroom 1.77
1 Bedroom 13.27
2 Bedrooms 29.38
3 Bedrooms 39.93
4 Bedrooms 13.07
5 or more bedrooms 2.59

Corbin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
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
29.47% 1.53% 4 3
* 10 is highest