Mars Hill, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mars Hill, 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

Mars Hill Housing Market Information

With a population of 2,256, 629 total housing units (homes and apartments), and a median house value of $195,715, Mars Hill real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Mars Hill, accounting for 69.13% of the town's housing units. Other types of housing that are prevalent in Mars Hill include duplexes, homes converted to apartments or other small apartment buildings ( 20.11%), mobile homes or trailers ( 6.01%), and a few large apartment complexes or high rise apartments ( 3.77%).

The most prevalent building size and type in Mars Hill are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 37.60% owning and 62.40% renting.

There is a lot of housing in Mars Hill 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 Mars Hill built between 1940-1969 ( 25.70%). A lesser amount of the housing stock also hails from before 1939 ( 12.57%). There's also some housing in Mars Hill built between 2000 and later ( 11.31%).

Vacant housing appears to be an issue in Mars Hill. Fully 12.15% of the housing stock is classified as vacant. Left unchecked, vacant Mars Hill homes and apartments can be a drag on the real estate market, holding Mars Hill 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.

Mars Hill Home Appreciation Rates

Real estate appreciation rates in Mars Hill's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.33% during the period.

Over the last year, Mars Hill appreciation rates have trailed the rest of the nation. In the last twelve months, Mars Hill's appreciation rate has been 2.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mars Hill were at 1.50%, which equates to an annual appreciation rate of 6.15%.

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

Average Home Values

 

Median Home Value:
$195,715

Mars Hill, NC HOME PRICES

Value Range
> $1,133,000 0.5
$850,001 - $1,133,000 0.8
$566,001 - $850,000 4.3
$453,001 - $566,000 2.0
$340,001 - $453,000 4.6
$226,001 - $340,000 22.6
$113,001 - $226,000 42.8
$57,001 - $113,000 13.3
$0 - $57,000 9.2

High for NC
High for Nation

Value Relative to Nation Value Relative to State
33.3118481190672 24.3194192377495

Number Of Homes And Apartments:
629

Mars Hill 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
38.54% 1.91% 8 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,086 / per month

Homeownership Rate

Homeownership
Owners 37.60
Renters 62.40
Vacant 12.15

Housing Market Details

 

Age of Homes

AGE OF Mars Hill HOMES
2000 or Newer 11.3
1970 - 1999 50.4
1940 - 1969 25.7
1939 or Older 12.6

Types of Homes

TYPE OF Mars Hill HOMES
Single-Family 69.1
Townhomes 1.0
Small Apt. Buildings 20.1
Apt. Complexes 3.8
Mobile Homes 6.0
Other 0.0

Home Size

SIZE OF Mars Hill HOMES
No Bedroom 3.49
1 Bedroom 9.78
2 Bedrooms 27.09
3 Bedrooms 45.67
4 Bedrooms 7.96
5 or more bedrooms 6.01

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Zip Codes in Mars Hill, NC