Mills River, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Mills River Neighborhoods Since 2000




Mills River, 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

Mills River Housing Market Information

With a population of 7,162, 2,644 total housing units (homes and apartments), and a median house value of $233,623, Mills River real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Mills River, accounting for 77.94% of the town's housing units. Other types of housing that are prevalent in Mills River include mobile homes or trailers ( 15.66%), row houses and other attached homes ( 3.03%), and a few large apartment complexes or high rise apartments ( 1.84%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mills River. Owner-occupied housing accounts for 85.29% of Mills River's homes, and 76.51% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Mills River 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 Mills River built between 2000 and later ( 20.80%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.67%). There's also some housing in Mills River built before 1939 ( 2.79%).

Vacant housing appears to be an issue in Mills River. Fully 10.01% of the housing stock is classified as vacant. Left unchecked, vacant Mills River homes and apartments can be a drag on the real estate market, holding Mills River 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.

Mills River Home Appreciation Rates

Real estate appreciation rates in Mills River's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.13% during the period.

NeighborhoodScout's data show that during the latest twelve months, Mills River's appreciation rate, at 4.18%, has been at or slightly above the national average. In the latest quarter, Mills River's appreciation rate has been 1.50%, which annualizes to a rate of 6.15%.

Relative to North Carolina, our data show that Mills River's latest annual appreciation rate is higher than 60% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$233,623

Mills River, NC HOME PRICES

Value Range
> $1,132,000 0.9
$849,001 - $1,132,000 0.8
$566,001 - $849,000 4.2
$453,001 - $566,000 4.7
$340,001 - $453,000 11.1
$226,001 - $340,000 33.9
$113,001 - $226,000 31.4
$57,001 - $113,000 8.6
$0 - $57,000 4.3

Very High for NC
High for Nation

Value Relative to Nation Value Relative to State
25.1728583147779 17.7858439201452

Number Of Homes And Apartments:
2,644

Mills River 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
42.47% 2.07% 8 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,221 / per month

Homeownership Rate

Homeownership
Owners 85.29
Renters 14.71
Vacant 10.01

Housing Market Details

 

Age of Homes

AGE OF Mills River HOMES
2000 or Newer 20.8
1970 - 1999 61.7
1940 - 1969 14.7
1939 or Older 2.8

Types of Homes

TYPE OF Mills River HOMES
Single-Family 77.9
Townhomes 3.0
Small Apt. Buildings 1.5
Apt. Complexes 1.8
Mobile Homes 15.7
Other 0.0

Home Size

SIZE OF Mills River HOMES
No Bedroom 0.00
1 Bedroom 0.20
2 Bedrooms 20.73
3 Bedrooms 59.84
4 Bedrooms 16.68
5 or more bedrooms 2.55