Laurel, MS
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Laurel Neighborhoods Since 2000




Laurel, MS 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

Laurel Housing Market Information

With 18,837 people, 6,631 houses or apartments, and a median cost of homes of $81,706, house prices in Laurel are solidly below the national average.

Single-family detached homes are the single most common housing type in Laurel, accounting for 74.87% of the city's housing units. Other types of housing that are prevalent in Laurel include large apartment complexes or high rise apartments ( 11.97%), duplexes, homes converted to apartments or other small apartment buildings ( 7.16%), and a few mobile homes or trailers ( 4.40%).

The most prevalent building size and type in Laurel are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.96% owning and 43.04% 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. Laurel's housing was primarily built during this period, from the '40s through the '60s. A full 40.41% of the city's housing hails from this era. Other housing ages represented in Laurel include homes built between 1970-1999 ( 33.65%) and housing constructed before 1939 ( 16.16%). There's also some housing in Laurel built between 2000 and later ( 9.79%).

Vacant housing appears to be an issue in Laurel. Fully 16.81% of the housing stock is classified as vacant. Left unchecked, vacant Laurel homes and apartments can be a drag on the real estate market, holding Laurel 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.

Laurel Home Appreciation Rates

Appreciation rates for homes in Laurel have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.81%, which ranks in the top 50% nationwide. This equates to an annual average Laurel house appreciation rate of 0.08%.

NeighborhoodScout's data show that during the latest twelve months, Laurel's appreciation rate, at 3.49%, has been at or slightly above the national average. In the latest quarter, Laurel's appreciation rate has been 0.54%, which annualizes to a rate of 2.17%.

Relative to Mississippi, our data show that Laurel's latest annual appreciation rate is higher than 50% of the other cities and towns in Mississippi.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Laurel differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Laurel - 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 Laurel real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$81,706

Laurel, MS HOME PRICES

Value Range
> $1,027,000 1.1
$770,001 - $1,027,000 0.2
$513,001 - $770,000 0.4
$411,001 - $513,000 1.2
$308,001 - $411,000 1.7
$206,001 - $308,000 7.5
$102,001 - $206,000 22.1
$51,001 - $102,000 37.1
$0 - $51,000 28.7

Low for MS
Very Low for Nation

Value Relative to Nation Value Relative to State
89.411695769366 62.0408163265306

Number Of Homes And Apartments:
6,631

Laurel Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MS*
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
32.15% 1.63% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$911 / per month

Homeownership Rate

Homeownership
Owners 56.96
Renters 43.04
Vacant 16.81

Housing Market Details

 

Age of Homes

AGE OF Laurel HOMES
2000 or Newer 9.8
1970 - 1999 33.6
1940 - 1969 40.4
1939 or Older 16.2

Types of Homes

TYPE OF Laurel HOMES
Single-Family 74.9
Townhomes 1.6
Small Apt. Buildings 7.2
Apt. Complexes 12.0
Mobile Homes 4.4
Other 0.0

Home Size

SIZE OF Laurel HOMES
No Bedroom 1.93
1 Bedroom 8.07
2 Bedrooms 22.69
3 Bedrooms 54.07
4 Bedrooms 10.78
5 or more bedrooms 2.46