Prospect, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Prospect Neighborhoods Since 2000




Prospect, 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

Prospect Housing Market Information

With a population of 4,881, 1,959 total housing units (homes and apartments), and a median house value of $351,235, Prospect house prices are not only among the most expensive in Kentucky, Prospect real estate also is some of the most expensive in all of America.

Prospect is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Prospect than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prospect. Owner-occupied housing accounts for 94.33% of Prospect's homes, and 67.72% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Prospect 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 Prospect built between 1940-1969 ( 11.00%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.95%).

Prospect Home Appreciation Rates

Appreciation rates for homes in Prospect have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.23%, which ranks in the top 50% nationwide. This equates to an annual average Prospect house appreciation rate of 0.22%.

NeighborhoodScout's data show that during the latest twelve months, Prospect's appreciation rate, at 3.22%, has been at or slightly above the national average. In the latest quarter, Prospect's appreciation rate has been 1.69%, which annualizes to a rate of 6.95%.

Importantly, this makes Prospect 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 Prospect's latest annual appreciation rate is lower than 50% of the other cities and towns in Kentucky.

Average Home Values

 

Median Home Value:
$351,235

Prospect, KY HOME PRICES

Value Range
> $1,081,000 3.7
$811,001 - $1,081,000 4.0
$541,001 - $811,000 16.5
$432,001 - $541,000 11.4
$325,001 - $432,000 27.6
$216,001 - $325,000 21.8
$108,001 - $216,000 10.5
$54,001 - $108,000 2.1
$0 - $54,000 2.4

Very High for KY
Very High for Nation

Value Relative to Nation Value Relative to State
12.1176608461268 1.50375939849624

Number Of Homes And Apartments:
1,959

Prospect 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
22.74% 1.19% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,090 / per month

Homeownership Rate

Homeownership
Owners 94.33
Renters 5.67
Vacant 5.04

Housing Market Details

 

Age of Homes

AGE OF Prospect HOMES
2000 or Newer 11.0
1970 - 1999 77.4
1940 - 1969 11.0
1939 or Older 0.7

Types of Homes

TYPE OF Prospect HOMES
Single-Family 75.5
Townhomes 13.3
Small Apt. Buildings 4.1
Apt. Complexes 7.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Prospect HOMES
No Bedroom 0.78
1 Bedroom 3.64
2 Bedrooms 6.30
3 Bedrooms 23.32
4 Bedrooms 44.40
5 or more bedrooms 21.57