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 about Scout's Real Estate Data
With 11,230 people, 3,992 houses or apartments, and a median cost of homes of $146,589, the cost of homes in Petal is among some of the lowest in the nation. Compared to Mississippi, however, Petal real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Petal, accounting for 83.39% of the city's housing units. Other types of housing that are prevalent in Petal include duplexes, homes converted to apartments or other small apartment buildings ( 5.43%), mobile homes or trailers ( 5.39%), and a few large apartment complexes or high rise apartments ( 5.34%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Petal. Owner-occupied housing accounts for 68.41% of Petal's homes, and 70.99% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Petal 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 Petal built between 1940-1969 ( 34.33%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.19%). There's also some housing in Petal built before 1939 ( 4.64%).
Vacant housing appears to be an issue in Petal. Fully 10.03% of the housing stock is classified as vacant. Left unchecked, vacant Petal homes and apartments can be a drag on the real estate market, holding Petal 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Petal, where house values have increased just 48.16%, which is annualized rate of 4.01%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Petal appreciation rates have trailed the rest of the nation. In the last twelve months, Petal's appreciation rate has been 0.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Petal were at 1.68%, which equates to an annual appreciation rate of 6.89%.
Relative to Mississippi, our data show that Petal's latest annual appreciation rate is lower than 90% 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 Petal differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Petal - 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 Petal real estate investment or home purchase decisions.
$146,589
for Mississippi
for nation
3,992
$1,571 / per month