Owensboro, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Owensboro, KY Real Estate Data


Owensboro Housing Market Information

With a population of 59,042, 23,761 total housing units (homes and apartments), and a median house value of $122,461, house prices in Owensboro are solidly below the national average.

Single-family detached homes are the single most common housing type in Owensboro, accounting for 69.79% of the city's housing units. Other types of housing that are prevalent in Owensboro include large apartment complexes or high rise apartments ( 15.36%), duplexes, homes converted to apartments or other small apartment buildings ( 11.81%), and a few mobile homes or trailers ( 1.83%).

The most prevalent building size and type in Owensboro are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.62% owning and 44.38% 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. Owensboro's housing was primarily built during this period, from the '40s through the '60s. A full 41.36% of the city's housing hails from this era. Other housing ages represented in Owensboro include homes built between 1970-1999 ( 39.17%) and housing constructed between 2000 and later ( 11.98%). There's also some housing in Owensboro built before 1939 ( 7.49%).

Vacant housing appears to be an issue in Owensboro. Fully 10.03% of the housing stock is classified as vacant. Left unchecked, vacant Owensboro homes and apartments can be a drag on the real estate market, holding Owensboro 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.

Owensboro Home Appreciation Rates

In the last 10 years, Owensboro has experienced some of the highest home appreciation rates of any community in the nation. Owensboro real estate appreciated 19.65% over the last ten years, which is an average annual home appreciation rate of 1.81%, putting Owensboro in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Owensboro definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Owensboro that despite a nationwide downturn in the housing market, Owensboro real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Owensboro appreciation rates continue to be some of the highest in America, at 5.86%, which is higher than appreciation rates in 72.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Owensboro. Owensboro appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.78%.

Importantly, this makes Owensboro one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Kentucky, our data show that Owensboro's latest annual appreciation rate is higher than 80% 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 Owensboro differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Owensboro - 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 Owensboro real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$122,461

Owensboro, KY HOME PRICES

Value Range
> $1,147,000 0.0
$861,001 - $1,147,000 0.2
$574,001 - $861,000 0.4
$459,001 - $574,000 0.9
$344,001 - $459,000 1.5
$230,001 - $344,000 7.2
$115,001 - $230,000 38.2
$57,001 - $115,000 41.7
$0 - $57,000 9.8

High for KY
Low for Nation

Value Relative to Nation Value Relative to State
64.8650231305264 36.3408521303258

Number Of Homes And Apartments:
23,761

Rent & Ownership

 

Average Market Rent:
$842 / per month

Homeownership Rate

Homeownership
Owners 55.62
Renters 44.38
Vacant 10.03

Housing Market Details

 

Age of Homes

AGE OF Owensboro HOMES
2000 or Newer 12.0
1970 - 1999 39.2
1940 - 1969 41.4
1939 or Older 7.5

Types of Homes

TYPE OF Owensboro HOMES
Single-Family 69.8
Townhomes 1.2
Small Apt. Buildings 11.8
Apt. Complexes 15.4
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Owensboro HOMES
No Bedroom 0.90
1 Bedroom 13.72
2 Bedrooms 29.27
3 Bedrooms 43.59
4 Bedrooms 10.67
5 or more bedrooms 1.85

Owensboro 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
31.88% 1.64% 4 3
* 10 is highest