Murphy, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Murphy Neighborhoods Since 2000




Murphy, 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

Murphy Housing Market Information

With a population of 1,615, 760 total housing units (homes and apartments), and a median house value of $171,192, Murphy real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Murphy, accounting for 65.13% of the town's housing units. Other types of housing that are prevalent in Murphy include duplexes, homes converted to apartments or other small apartment buildings ( 14.31%), mobile homes or trailers ( 11.45%), and a few large apartment complexes or high rise apartments ( 6.34%).

People in Murphy primarily live in small (one, two or no bedroom) single-family detached homes. Murphy has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Murphy's housing was primarily built during this period, from the '40s through the '60s. A full 49.28% of the town's housing hails from this era. Other housing ages represented in Murphy include homes built between 1970-1999 ( 31.39%) and housing constructed before 1939 ( 13.91%). There's also some housing in Murphy built between 2000 and later ( 5.42%).

Vacant housing appears to be an issue in Murphy. Fully 22.29% of the housing stock is classified as vacant. Left unchecked, vacant Murphy homes and apartments can be a drag on the real estate market, holding Murphy 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.

Murphy Home Appreciation Rates

Homes have actually lost value in Murphy over the last then years, as home values have seen a decline of 21.11% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Murphy home appreciation rates at -0.54%, which equates to an annual appreciation rate of -2.13%.

Appreciation rates are so strong in Murphy that despite a nationwide downturn in the housing market, Murphy real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Murphy appreciation rates continue to be some of the highest in America, at 7.36%, which is higher than appreciation rates in 83.30% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Murphy. Murphy appreciation rates in the latest quarter were at -0.54%, which equates to an annual appreciation rate of -2.13%.

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

Relative to North Carolina, our data show that Murphy's latest annual appreciation rate is higher than 90% 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 Murphy differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Murphy - 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 Murphy real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$171,192

Murphy, NC HOME PRICES

Value Range
> $1,124,000 0.2
$843,001 - $1,124,000 0.3
$563,001 - $843,000 1.0
$450,001 - $563,000 0.6
$338,001 - $450,000 10.0
$225,001 - $338,000 18.9
$112,001 - $225,000 38.8
$56,001 - $112,000 19.7
$0 - $56,000 10.6

High for NC
Average for Nation

Value Relative to Nation Value Relative to State
41.2281729755069 34.1197822141561

Number Of Homes And Apartments:
760

Murphy 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
26.55% 1.37% 5 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$845 / per month

Homeownership Rate

Homeownership
Owners 51.05
Renters 48.95
Vacant 22.29

Housing Market Details

 

Age of Homes

AGE OF Murphy HOMES
2000 or Newer 5.4
1970 - 1999 31.4
1940 - 1969 49.3
1939 or Older 13.9

Types of Homes

TYPE OF Murphy HOMES
Single-Family 65.1
Townhomes 2.8
Small Apt. Buildings 14.3
Apt. Complexes 6.3
Mobile Homes 11.5
Other 0.0

Home Size

SIZE OF Murphy HOMES
No Bedroom 1.23
1 Bedroom 12.78
2 Bedrooms 39.06
3 Bedrooms 33.64
4 Bedrooms 9.61
5 or more bedrooms 3.68