Boone, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Boone Neighborhoods Since 2000




Boone, NC 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

Boone Housing Market Information

With a population of 18,156, 5,812 total housing units (homes and apartments), and a median house value of $268,801, Boone real estate is some of the most expensive in North Carolina, although Boone home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Boone, accounting for 58.86% of the town's housing units. Other types of housing that are prevalent in Boone include single-family detached homes ( 25.00%), duplexes, homes converted to apartments or other small apartment buildings ( 10.88%), and a few mobile homes or trailers ( 2.86%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.

Boone is dominated by renter-occupied one, two, or no bedrooms apartments. 86.70% of Boone's dwellings are rentals.

There is a lot of housing in Boone 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 Boone built between 2000 and later ( 21.04%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.32%). There's also some housing in Boone built before 1939 ( 4.69%).

Vacant housing appears to be an issue in Boone. Fully 15.13% of the housing stock is classified as vacant. Left unchecked, vacant Boone homes and apartments can be a drag on the real estate market, holding Boone 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.

Boone Home Appreciation Rates

Boone's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Boone during the period has been just -0.94%, which is lower than 70% of US communities.

Over the last year, Boone appreciation rates have trailed the rest of the nation. In the last twelve months, Boone's appreciation rate has been 2.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Boone were at -0.54%, which equates to an annual appreciation rate of -2.13%.

Notably, Boone's appreciation rate in the latest quarter is one of the lowest in America.

Relative to North Carolina, our data show that Boone's latest annual appreciation rate is lower than 50% of the other cities and towns in North Carolina.

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

Average Home Values

 

Median Home Value:
$268,801

Boone, NC HOME PRICES

Value Range
> $1,030,000 0.1
$772,001 - $1,030,000 0.0
$515,001 - $772,000 5.9
$412,001 - $515,000 7.0
$309,001 - $412,000 17.1
$206,001 - $309,000 42.2
$103,001 - $206,000 18.8
$52,001 - $103,000 5.4
$0 - $52,000 3.5

Very High for NC
Very High for Nation

Value Relative to Nation Value Relative to State
19.9343724364233 11.978221415608

Number Of Homes And Apartments:
5,812

Boone Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
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
33.38% 1.68% 7 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,052 / per month

Homeownership Rate

Homeownership
Owners 13.30
Renters 86.70
Vacant 15.13

Housing Market Details

 

Age of Homes

AGE OF Boone HOMES
2000 or Newer 21.0
1970 - 1999 59.0
1940 - 1969 15.3
1939 or Older 4.7

Types of Homes

TYPE OF Boone HOMES
Single-Family 25.0
Townhomes 2.4
Small Apt. Buildings 10.9
Apt. Complexes 58.9
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Boone HOMES
No Bedroom 6.18
1 Bedroom 18.30
2 Bedrooms 43.22
3 Bedrooms 20.59
4 Bedrooms 9.45
5 or more bedrooms 2.26