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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 6,106 people, 2,315 houses or apartments, and a median cost of homes of $95,065, house prices in Patterson are solidly below the national average.
Single-family detached homes are the single most common housing type in Patterson, accounting for 67.71% of the city's housing units. Other types of housing that are prevalent in Patterson include mobile homes or trailers ( 16.22%), duplexes, homes converted to apartments or other small apartment buildings ( 12.16%), and a few large apartment complexes or high rise apartments ( 3.91%).
The most prevalent building size and type in Patterson are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.35% owning and 36.65% renting.
There is a lot of housing in Patterson 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 Patterson built between 2000 and later ( 21.45%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.08%). There's also some housing in Patterson built before 1939 ( 5.23%).
Vacant housing appears to be an issue in Patterson. Fully 12.87% of the housing stock is classified as vacant. Left unchecked, vacant Patterson homes and apartments can be a drag on the real estate market, holding Patterson 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.
In the last 10 years, Patterson has experienced some of the highest home appreciation rates of any community in the nation. Patterson real estate appreciated 21.64% over the last ten years, which is an average annual home appreciation rate of 1.98%, putting Patterson in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Patterson definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Patterson appreciation rates have trailed the rest of the nation. In the last twelve months, Patterson's appreciation rate has been 1.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Patterson were at -0.90%, which equates to an annual appreciation rate of -3.57%.
Notably, Patterson's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Louisiana, our data show that Patterson's latest annual appreciation rate is higher than 50% of the other cities and towns in Louisiana.
|$807,001 - $1,076,000||0.0|
|$538,001 - $807,000||0.0|
|$431,001 - $538,000||2.7|
|$323,001 - $431,000||4.2|
|$215,001 - $323,000||7.2|
|$108,001 - $215,000||40.4|
|$54,001 - $108,000||23.9|
|$0 - $54,000||21.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Patterson HOMES|
|2000 or Newer||21.5|
|1970 - 1999||54.2|
|1940 - 1969||19.1|
|1939 or Older||5.2|
|TYPE OF Patterson HOMES|
|Small Apt. Buildings||12.2|
|SIZE OF Patterson HOMES|
|5 or more bedrooms||0.00|