Independence, MO
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Independence, MO Real Estate Data


Independence Housing Market Information

With a population of 117,255, 48,170 total housing units (homes and apartments), and a median house value of $117,777, house prices in Independence are solidly below the national average.

Single-family detached homes are the single most common housing type in Independence, accounting for 72.75% of the city's housing units. Other types of housing that are prevalent in Independence include large apartment complexes or high rise apartments ( 14.21%), duplexes, homes converted to apartments or other small apartment buildings ( 6.00%), and a few row houses and other attached homes ( 4.84%).

The most prevalent building size and type in Independence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.03% owning and 35.97% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Independence's housing was primarily built during this period, from the '40s through the '60s. A full 45.87% of the city's housing hails from this era. Other housing ages represented in Independence include homes built between 1970-1999 ( 34.02%) and housing constructed before 1939 ( 11.46%). There's also some housing in Independence built between 2000 and later ( 8.65%).

Vacant housing appears to be an issue in Independence. Fully 10.49% of the housing stock is classified as vacant. Left unchecked, vacant Independence homes and apartments can be a drag on the real estate market, holding Independence 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.

Independence Home Appreciation Rates

Independence's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Independence during the period has been just -0.91%, which is lower than 70% of US communities.

Appreciation rates are so strong in Independence that despite a nationwide downturn in the housing market, Independence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Independence appreciation rates continue to be some of the highest in America, at 6.75%, which is higher than appreciation rates in 82.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Independence. Independence appreciation rates in the latest quarter were at 2.35%, which equates to an annual appreciation rate of 9.76%.

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Independence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Independence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Independence real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$117,777

Independence, MO HOME PRICES

Value Range
> $1,123,000 0.1
$842,001 - $1,123,000 0.1
$562,001 - $842,000 0.3
$449,001 - $562,000 0.4
$337,001 - $449,000 1.7
$225,001 - $337,000 6.8
$112,001 - $225,000 37.1
$56,001 - $112,000 43.4
$0 - $56,000 10.0

Average for MO
Low for Nation

Value Relative to Nation Value Relative to State
67.6582537916496 51.8

Number Of Homes And Apartments:
48,170

Rent & Ownership

 

Average Market Rent:
$943 / per month

Homeownership Rate

Homeownership
Owners 64.03
Renters 35.97
Vacant 10.49

Housing Market Details

 

Age of Homes

AGE OF Independence HOMES
2000 or Newer 8.6
1970 - 1999 34.0
1940 - 1969 45.9
1939 or Older 11.5

Types of Homes

TYPE OF Independence HOMES
Single-Family 72.7
Townhomes 4.8
Small Apt. Buildings 6.0
Apt. Complexes 14.2
Mobile Homes 2.2
Other 0.0

Home Size

SIZE OF Independence HOMES
No Bedroom 1.64
1 Bedroom 11.46
2 Bedrooms 29.07
3 Bedrooms 44.32
4 Bedrooms 11.34
5 or more bedrooms 2.16

Independence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MO*
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
12.22% 0.68% 1 1
* 10 is highest