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 a population of 8,475, 3,627 total housing units (homes and apartments), and a median house value of $244,366, house prices in Miles City are solidly below the national average.
Single-family detached homes are the single most common housing type in Miles City, accounting for 69.82% of the city's housing units. Other types of housing that are prevalent in Miles City include large apartment complexes or high rise apartments ( 16.66%), duplexes, homes converted to apartments or other small apartment buildings ( 6.09%), and a few mobile homes or trailers ( 3.75%).
The most prevalent building size and type in Miles City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.56% owning and 41.44% renting.
The housing in Miles City was primarily built before 1939 ( 34.04%), making the housing stock in Miles City some of the oldest overall in America, although there is a range of ages of homes in Miles City. The next most important housing age is between 1940-1969 ( 32.02%), followed by between 1970-1999 ( 29.03%). There's also some housing in Miles City built between 2000 and later ( 4.91%).
Vacant housing appears to be an issue in Miles City. Fully 10.99% of the housing stock is classified as vacant. Left unchecked, vacant Miles City homes and apartments can be a drag on the real estate market, holding Miles City 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.
Miles City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Miles City during the period has been just 5.28%, which is lower than 70% of US communities.
Appreciation rates are so strong in Miles City that despite a nationwide downturn in the housing market, Miles City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Miles City appreciation rates continue to be some of the highest in America, at 14.00%, which is higher than appreciation rates in 83.73% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Miles City. Miles City appreciation rates in the latest quarter were at 2.41%, which equates to an annual appreciation rate of 10.01%.
Relative to Montana, our data show that Miles City's latest annual appreciation rate is higher than 90% of the other cities and towns in Montana.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Miles City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Miles City - 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 Miles City real estate investment or home purchase decisions.
$244,366
for Montana
for nation
3,627
$1,264 / per month