Rumford, ME
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Rumford Neighborhoods Since 2000




Rumford, ME 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

Rumford Housing Market Information

With a population of 5,676, 2,406 total housing units (homes and apartments), and a median house value of $85,111, house prices in Rumford are some of the most affordable in Maine as well as the nation.

Single-family detached homes are the single most common housing type in Rumford, accounting for 57.05% of the town's housing units. Other types of housing that are prevalent in Rumford include duplexes, homes converted to apartments or other small apartment buildings ( 18.13%), large apartment complexes or high rise apartments ( 17.71%), and a few mobile homes or trailers ( 3.82%).

People in Rumford primarily live in small (one, two or no bedroom) single-family detached homes. Rumford has a mixture of owner-occupied and renter-occupied housing.

The housing in Rumford was primarily built before 1939 ( 40.47%), making the housing stock in Rumford some of the oldest overall in America, although there is a range of ages of homes in Rumford. The next most important housing age is between 1940-1969 ( 35.13%), followed by between 1970-1999 ( 19.71%). There's also some housing in Rumford built between 2000 and later ( 4.69%).

Vacant housing appears to be an issue in Rumford. Fully 28.14% of the housing stock is classified as vacant. Left unchecked, vacant Rumford homes and apartments can be a drag on the real estate market, holding Rumford 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.

Rumford Home Appreciation Rates

Rumford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Rumford during the period has been just -1.47%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Rumford's appreciation rate, at 4.86%, has been at or slightly above the national average. In the latest quarter, Rumford's appreciation rate has been 0.64%, which annualizes to a rate of 2.56%.

Relative to Maine, our data show that Rumford's latest annual appreciation rate is higher than 60% of the other cities and towns in Maine.

Average Home Values

 

Median Home Value:
$85,111

Rumford, ME HOME PRICES

Value Range
> $1,068,000 1.3
$801,001 - $1,068,000 0.5
$534,001 - $801,000 0.6
$427,001 - $534,000 0.0
$320,001 - $427,000 0.6
$214,001 - $320,000 3.6
$107,001 - $214,000 35.8
$53,001 - $107,000 40.4
$0 - $53,000 17.2

Very Low for ME
Very Low for Nation

Value Relative to Nation Value Relative to State
87.3432555959217 95.4918032786885

Number Of Homes And Apartments:
2,406

Rumford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
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
46.93% 2.26% 3 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$690 / per month

Homeownership Rate

Homeownership
Owners 64.20
Renters 35.80
Vacant 28.14

Housing Market Details

 

Age of Homes

AGE OF Rumford HOMES
2000 or Newer 4.7
1970 - 1999 19.7
1940 - 1969 35.1
1939 or Older 40.5

Types of Homes

TYPE OF Rumford HOMES
Single-Family 57.0
Townhomes 3.3
Small Apt. Buildings 18.1
Apt. Complexes 17.7
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Rumford HOMES
No Bedroom 6.36
1 Bedroom 13.20
2 Bedrooms 35.63
3 Bedrooms 30.23
4 Bedrooms 12.72
5 or more bedrooms 1.85