Russell Springs, KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Russell Springs, 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

Russell Springs Housing Market Information

With a population of 2,511, 1,221 total housing units (homes and apartments), and a median house value of $90,296, house prices in Russell Springs are solidly below the national average.

Single-family detached homes are the single most common housing type in Russell Springs, accounting for 71.03% of the city's housing units. Other types of housing that are prevalent in Russell Springs include large apartment complexes or high rise apartments ( 11.84%), mobile homes or trailers ( 9.53%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.92%).

The most prevalent building size and type in Russell Springs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.18% owning and 43.82% renting.

There is a lot of housing in Russell Springs 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 Russell Springs built between 1940-1969 ( 33.43%). A lesser amount of the housing stock also hails from before 1939 ( 6.25%). There's also some housing in Russell Springs built between 2000 and later ( 4.69%).

Russell Springs Home Appreciation Rates

Appreciation rates for homes in Russell Springs have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.54%, which ranks in the top 50% nationwide. This equates to an annual average Russell Springs house appreciation rate of 0.25%.

Appreciation rates are so strong in Russell Springs that despite a nationwide downturn in the housing market, Russell Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Russell Springs appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 85.30% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Russell Springs. Russell Springs appreciation rates in the latest quarter were at 0.56%, which equates to an annual appreciation rate of 2.24%.

Relative to Kentucky, our data show that Russell Springs's latest annual appreciation rate is higher than 90% of the other cities and towns in Kentucky.

Average Home Values

 

Median Home Value:
$90,296

Russell Springs, KY HOME PRICES

Value Range
> $1,060,000 0.0
$795,001 - $1,060,000 0.3
$530,001 - $795,000 0.0
$424,001 - $530,000 1.4
$318,001 - $424,000 2.8
$212,001 - $318,000 13.0
$106,001 - $212,000 23.4
$53,001 - $106,000 40.3
$0 - $53,000 18.9

Low for KY
Very Low for Nation

Value Relative to Nation Value Relative to State
83.7454588069847 63.1578947368421

Number Of Homes And Apartments:
1,221

Russell Springs 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
33.34% 1.68% 5 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$652 / per month

Homeownership Rate

Homeownership
Owners 56.18
Renters 43.82
Vacant 9.08

Housing Market Details

 

Age of Homes

AGE OF Russell Springs HOMES
2000 or Newer 4.7
1970 - 1999 55.6
1940 - 1969 33.4
1939 or Older 6.3

Types of Homes

TYPE OF Russell Springs HOMES
Single-Family 71.0
Townhomes 0.5
Small Apt. Buildings 6.9
Apt. Complexes 11.8
Mobile Homes 9.5
Other 0.1

Home Size

SIZE OF Russell Springs HOMES
No Bedroom 3.05
1 Bedroom 12.06
2 Bedrooms 30.31
3 Bedrooms 42.74
4 Bedrooms 10.28
5 or more bedrooms 1.56

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Zip Codes in Russell Springs, KY