Murray, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Murray, KY Real Estate Data


Murray Housing Market Information

With a population of 18,954, 7,051 total housing units (homes and apartments), and a median house value of $158,676, Murray real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Murray, accounting for 47.27% of the city's housing units. Other types of housing that are prevalent in Murray include large apartment complexes or high rise apartments ( 29.72%), duplexes, homes converted to apartments or other small apartment buildings ( 17.31%), and a few mobile homes or trailers ( 3.44%).

Murray is dominated by renter-occupied one, two, or no bedrooms apartments. 65.48% of Murray's dwellings are rentals.

There is a lot of housing in Murray 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 Murray built between 1940-1969 ( 26.70%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.03%). There's also some housing in Murray built before 1939 ( 5.47%).

Vacant housing appears to be an issue in Murray. Fully 14.89% of the housing stock is classified as vacant. Left unchecked, vacant Murray homes and apartments can be a drag on the real estate market, holding Murray 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.

Murray Home Appreciation Rates

In the last 10 years, Murray has experienced some of the highest home appreciation rates of any community in the nation. Murray real estate appreciated 22.36% over the last ten years, which is an average annual home appreciation rate of 2.04%, putting Murray in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Murray definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Murray's appreciation rate, at 4.55%, has been at or slightly above the national average. In the latest quarter, Murray's appreciation rate has been 1.14%, which annualizes to a rate of 4.64%.

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

Average Home Values

 

Median Home Value:
$158,676

Murray, KY HOME PRICES

Value Range
> $1,112,000 0.0
$834,001 - $1,112,000 0.6
$556,001 - $834,000 2.1
$445,001 - $556,000 1.6
$334,001 - $445,000 2.2
$222,001 - $334,000 15.5
$111,001 - $222,000 51.5
$56,001 - $111,000 19.6
$0 - $56,000 6.9

Very High for KY
Average for Nation

Value Relative to Nation Value Relative to State
47.1979855946595 19.2982456140351

Number Of Homes And Apartments:
7,051

Rent & Ownership

 

Average Market Rent:
$732 / per month

Homeownership Rate

Homeownership
Owners 34.52
Renters 65.48
Vacant 14.89

Housing Market Details

 

Age of Homes

AGE OF Murray HOMES
2000 or Newer 22.0
1970 - 1999 45.8
1940 - 1969 26.7
1939 or Older 5.5

Types of Homes

TYPE OF Murray HOMES
Single-Family 47.3
Townhomes 2.3
Small Apt. Buildings 17.3
Apt. Complexes 29.7
Mobile Homes 3.4
Other 0.0

Home Size

SIZE OF Murray HOMES
No Bedroom 8.45
1 Bedroom 19.70
2 Bedrooms 22.05
3 Bedrooms 34.28
4 Bedrooms 12.81
5 or more bedrooms 2.72

Murray 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
60.75% 2.83% 10 7
* 10 is highest