Elkton, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elkton, KY Real Estate Data


Elkton Housing Market Information

With 2,175 people, 767 houses or apartments, and a median cost of homes of $90,149, house prices in Elkton are solidly below the national average.

Single-family detached homes are the single most common housing type in Elkton, accounting for 74.18% of the city's housing units. Other types of housing that are prevalent in Elkton include mobile homes or trailers ( 13.40%), large apartment complexes or high rise apartments ( 9.59%), and a few row houses and other attached homes ( 2.18%).

The most prevalent building size and type in Elkton are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.26% owning and 41.74% renting.

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. Elkton's housing was primarily built during this period, from the '40s through the '60s. A full 40.85% of the city's housing hails from this era. Other housing ages represented in Elkton include homes built between 1970-1999 ( 36.27%) and housing constructed between 2000 and later ( 11.55%). There's also some housing in Elkton built before 1939 ( 11.33%).

Vacant housing appears to be an issue in Elkton. Fully 16.45% of the housing stock is classified as vacant. Left unchecked, vacant Elkton homes and apartments can be a drag on the real estate market, holding Elkton 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.

Elkton Home Appreciation Rates

Appreciation rates for homes in Elkton have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 5.58%, which ranks in the top 40% nationwide. This equates to an annual average Elkton house appreciation rate of 0.54%.

Over the last year, Elkton appreciation rates have trailed the rest of the nation. In the last twelve months, Elkton's appreciation rate has been 2.58%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elkton were at 0.35%, which equates to an annual appreciation rate of 1.42%.

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

Average Home Values

 

Median Home Value:
$90,149

Elkton, KY HOME PRICES

Value Range
> $1,053,000 0.0
$790,001 - $1,053,000 0.4
$527,001 - $790,000 0.0
$421,001 - $527,000 0.9
$316,001 - $421,000 0.5
$211,001 - $316,000 6.2
$105,001 - $211,000 31.5
$53,001 - $105,000 47.6
$0 - $53,000 12.8

Low for KY
Very Low for Nation

Value Relative to Nation Value Relative to State
83.8245634595101 63.4085213032581

Number Of Homes And Apartments:
767

Rent & Ownership

 

Average Market Rent:
$714 / per month

Homeownership Rate

Homeownership
Owners 58.26
Renters 41.74
Vacant 16.45

Housing Market Details

 

Age of Homes

AGE OF Elkton HOMES
2000 or Newer 11.5
1970 - 1999 36.3
1940 - 1969 40.8
1939 or Older 11.3

Types of Homes

TYPE OF Elkton HOMES
Single-Family 74.2
Townhomes 2.2
Small Apt. Buildings 0.7
Apt. Complexes 9.6
Mobile Homes 13.4
Other 0.0

Home Size

SIZE OF Elkton HOMES
No Bedroom 1.42
1 Bedroom 6.75
2 Bedrooms 34.86
3 Bedrooms 44.55
4 Bedrooms 9.69
5 or more bedrooms 2.72

Elkton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
46.71% 2.25% 8 6
* 10 is highest