Rumford, ME
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Rumford, ME Real Estate Data


Rumford Housing Market Information

With 5,676 people, 2,428 houses or apartments, and a median cost of homes of $104,784, house prices in Rumford are solidly below the national average.

Single-family detached homes are the single most common housing type in Rumford, accounting for 55.63% 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 ( 19.99%), large apartment complexes or high rise apartments ( 18.81%), and a few row houses and other attached homes ( 2.98%).

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 ( 41.78%), 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 ( 35.01%), followed by between 1970-1999 ( 19.87%). There's also some housing in Rumford built between 2000 and later ( 3.34%).

Vacant housing appears to be an issue in Rumford. Fully 26.91% 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 -0.67%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Rumford's appreciation rate, at 5.04%, has been at or slightly above the national average. In the latest quarter, Rumford's appreciation rate has been 0.74%, which annualizes to a rate of 3.01%.

Notably, Rumford's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Maine, our data show that Rumford's latest annual appreciation rate is higher than 80% of the other cities and towns in Maine.

Average Home Values

 

Median Home Value:
$104,784

Rumford, ME HOME PRICES

Value Range
> $1,109,000 1.2
$832,001 - $1,109,000 0.5
$555,001 - $832,000 0.0
$443,001 - $555,000 0.0
$332,001 - $443,000 1.0
$222,001 - $332,000 4.5
$111,001 - $222,000 40.4
$56,001 - $111,000 37.2
$0 - $56,000 15.2

Very Low for ME
Low for Nation

Value Relative to Nation Value Relative to State
75.8037125958892 86.0655737704918

Number Of Homes And Apartments:
2,428

Rent & Ownership

 

Average Market Rent:
$876 / per month

Homeownership Rate

Homeownership
Owners 61.29
Renters 38.71
Vacant 26.91

Housing Market Details

 

Age of Homes

AGE OF Rumford HOMES
2000 or Newer 3.3
1970 - 1999 19.9
1940 - 1969 35.0
1939 or Older 41.8

Types of Homes

TYPE OF Rumford HOMES
Single-Family 55.6
Townhomes 3.0
Small Apt. Buildings 20.0
Apt. Complexes 18.8
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Rumford HOMES
No Bedroom 5.60
1 Bedroom 10.87
2 Bedrooms 36.45
3 Bedrooms 30.61
4 Bedrooms 13.40
5 or more bedrooms 3.07

Rumford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
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
46.70% 2.28% 3 6
* 10 is highest