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


Mills River Housing Market Information

With 7,162 people, 2,769 houses or apartments, and a median cost of homes of $254,517, Mills River real estate is some of the most expensive in North Carolina, although Mills River home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Mills River, accounting for 79.40% of the town's housing units. Other types of housing that are prevalent in Mills River include mobile homes or trailers ( 14.11%), row houses and other attached homes ( 3.46%), and a few large apartment complexes or high rise apartments ( 1.92%).

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 85.88% of Mills River's homes, and 79.21% 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 ( 19.34%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.46%). There's also some housing in Mills River built before 1939 ( 1.89%).

Vacant housing appears to be an issue in Mills River. Fully 12.79% 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 0.15% during the period.

Appreciation rates are so strong in Mills River that despite a nationwide downturn in the housing market, Mills River real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mills River appreciation rates continue to be some of the highest in America, at 5.83%, which is higher than appreciation rates in 71.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mills River. Mills River appreciation rates in the latest quarter were at 3.54%, which equates to an annual appreciation rate of 14.92%.

Importantly, this makes Mills River one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to North Carolina, our data show that Mills River's latest annual appreciation rate is higher than 70% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$254,517

Mills River, NC HOME PRICES

Value Range
> $1,161,000 0.5
$871,001 - $1,161,000 0.3
$580,001 - $871,000 4.0
$465,001 - $580,000 6.2
$348,001 - $465,000 12.9
$232,001 - $348,000 27.5
$116,001 - $232,000 35.3
$58,001 - $116,000 8.0
$0 - $58,000 5.2

Very High for NC
High for Nation

Value Relative to Nation Value Relative to State
22.4161152427241 13.2486388384755

Number Of Homes And Apartments:
2,769

Rent & Ownership

 

Average Market Rent:
$1,050 / per month

Homeownership Rate

Homeownership
Owners 85.88
Renters 14.12
Vacant 12.79

Housing Market Details

 

Age of Homes

AGE OF Mills River HOMES
2000 or Newer 19.3
1970 - 1999 67.3
1940 - 1969 11.5
1939 or Older 1.9

Types of Homes

TYPE OF Mills River HOMES
Single-Family 79.4
Townhomes 3.5
Small Apt. Buildings 1.1
Apt. Complexes 1.9
Mobile Homes 14.1
Other 0.0

Home Size

SIZE OF Mills River HOMES
No Bedroom 0.00
1 Bedroom 0.22
2 Bedrooms 17.51
3 Bedrooms 63.34
4 Bedrooms 15.87
5 or more bedrooms 3.06

Mills River Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
38.94% 1.95% 8 4
* 10 is highest