Petal, MS
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Petal Neighborhoods Since 2000




Petal, 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

Petal Housing Market Information

With a population of 10,701, 3,987 total housing units (homes and apartments), and a median house value of $116,980, house prices in Petal are solidly below the national average.

Single-family detached homes are the single most common housing type in Petal, accounting for 84.52% 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 ( 8.64%), large apartment complexes or high rise apartments ( 4.75%), and a few mobile homes or trailers ( 1.55%).

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 66.69% of Petal's homes, and 73.29% 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 ( 33.72%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.24%). There's also some housing in Petal built before 1939 ( 4.47%).

Vacant housing appears to be an issue in Petal. Fully 11.85% 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.

Petal Home Appreciation Rates

Appreciation rates for homes in Petal have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.41%, which ranks in the top 50% nationwide. This equates to an annual average Petal house appreciation rate of 0.24%.

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 2.20%, 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 1.36%, which equates to an annual appreciation rate of 5.53%.

Relative to Mississippi, our data show that Petal's latest annual appreciation rate is lower than 70% of the other cities and towns in Mississippi.

Average Home Values

 

Median Home Value:
$116,980

Petal, MS HOME PRICES

Value Range
> $1,065,000 0.0
$798,001 - $1,065,000 0.3
$532,001 - $798,000 0.0
$426,001 - $532,000 0.6
$319,001 - $426,000 2.2
$213,001 - $319,000 8.4
$106,001 - $213,000 48.6
$53,001 - $106,000 27.9
$0 - $53,000 12.0

High for MS
Low for Nation

Value Relative to Nation Value Relative to State
67.1862182116489 24.0816326530612

Number Of Homes And Apartments:
3,987

Petal 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
45.33% 2.19% 7 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,218 / per month

Homeownership Rate

Homeownership
Owners 66.69
Renters 33.31
Vacant 11.85

Housing Market Details

 

Age of Homes

AGE OF Petal HOMES
2000 or Newer 19.2
1970 - 1999 42.6
1940 - 1969 33.7
1939 or Older 4.5

Types of Homes

TYPE OF Petal HOMES
Single-Family 84.5
Townhomes 0.5
Small Apt. Buildings 8.6
Apt. Complexes 4.8
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Petal HOMES
No Bedroom 1.22
1 Bedroom 5.70
2 Bedrooms 19.37
3 Bedrooms 59.78
4 Bedrooms 13.51
5 or more bedrooms 0.42