Morehead, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Morehead Neighborhoods Since 2000




Morehead, 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

Morehead Housing Market Information

With a population of 7,045, 2,107 total housing units (homes and apartments), and a median house value of $138,186, house prices in Morehead are solidly below the national average.

Single-family detached homes are the single most common housing type in Morehead, accounting for 56.46% of the city's housing units. Other types of housing that are prevalent in Morehead include duplexes, homes converted to apartments or other small apartment buildings ( 19.37%), large apartment complexes or high rise apartments ( 18.09%), and a few mobile homes or trailers ( 6.09%).

Morehead is dominated by renter-occupied one, two, or no bedrooms apartments. 76.57% of Morehead's dwellings are rentals.

There is a lot of housing in Morehead 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 Morehead built between 1940-1969 ( 35.32%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.90%). There's also some housing in Morehead built before 1939 ( 2.43%).

Vacant housing appears to be an issue in Morehead. Fully 13.36% of the housing stock is classified as vacant. Left unchecked, vacant Morehead homes and apartments can be a drag on the real estate market, holding Morehead 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.

Morehead Home Appreciation Rates

Appreciation rates for homes in Morehead have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.20%, which ranks in the top 30% nationwide. This equates to an annual average Morehead house appreciation rate of 0.88%.

NeighborhoodScout's data show that during the latest twelve months, Morehead's appreciation rate, at 4.12%, has been at or slightly above the national average. In the latest quarter, Morehead's appreciation rate has been 0.56%, which annualizes to a rate of 2.24%.

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

Average Home Values

 

Median Home Value:
$138,186

Morehead, KY HOME PRICES

Value Range
> $1,068,000 1.5
$801,001 - $1,068,000 0.0
$534,001 - $801,000 0.1
$427,001 - $534,000 0.9
$320,001 - $427,000 2.9
$213,001 - $320,000 11.4
$107,001 - $213,000 45.9
$54,001 - $107,000 23.4
$0 - $54,000 13.9

High for KY
Average for Nation

Value Relative to Nation Value Relative to State
55.6545177545998 27.0676691729323

Number Of Homes And Apartments:
2,107

Morehead 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
28.96% 1.49% 4 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$801 / per month

Homeownership Rate

Homeownership
Owners 23.43
Renters 76.57
Vacant 13.36

Housing Market Details

 

Age of Homes

AGE OF Morehead HOMES
2000 or Newer 10.9
1970 - 1999 51.4
1940 - 1969 35.3
1939 or Older 2.4

Types of Homes

TYPE OF Morehead HOMES
Single-Family 56.5
Townhomes 0.0
Small Apt. Buildings 19.4
Apt. Complexes 18.1
Mobile Homes 6.1
Other 0.0

Home Size

SIZE OF Morehead HOMES
No Bedroom 2.51
1 Bedroom 17.72
2 Bedrooms 32.40
3 Bedrooms 33.59
4 Bedrooms 8.43
5 or more bedrooms 5.35