Red Springs, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Red Springs, NC Real Estate Data


Red Springs Housing Market Information

With 3,433 people, 1,305 houses or apartments, and a median cost of homes of $65,701, house prices in Red Springs are some of the most affordable in North Carolina as well as the nation.

Single-family detached homes are the single most common housing type in Red Springs, accounting for 79.55% of the town's housing units. Other types of housing that are prevalent in Red Springs include large apartment complexes or high rise apartments ( 14.96%), duplexes, homes converted to apartments or other small apartment buildings ( 5.49%).

People in Red Springs primarily live in small (one, two or no bedroom) single-family detached homes. Red Springs 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. Red Springs's housing was primarily built during this period, from the '40s through the '60s. A full 44.71% of the town's housing hails from this era. Other housing ages represented in Red Springs include homes built between 1970-1999 ( 38.42%) and housing constructed before 1939 ( 8.84%). There's also some housing in Red Springs built between 2000 and later ( 8.03%).

Vacant housing appears to be an issue in Red Springs. Fully 24.61% of the housing stock is classified as vacant. Left unchecked, vacant Red Springs homes and apartments can be a drag on the real estate market, holding Red Springs 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.

Red Springs Home Appreciation Rates

Red Springs's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Red Springs during the period has been just -1.40%, which is lower than 80% of US communities.

Over the last year, Red Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Red Springs's appreciation rate has been 4.03%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Red Springs were at 0.99%, which equates to an annual appreciation rate of 4.04%.

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

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

Average Home Values

 

Median Home Value:
$65,701

Red Springs, NC HOME PRICES

Value Range
> $1,023,000 1.8
$767,001 - $1,023,000 0.0
$511,001 - $767,000 0.0
$409,001 - $511,000 0.0
$307,001 - $409,000 0.0
$204,001 - $307,000 4.4
$102,001 - $204,000 18.7
$51,001 - $102,000 35.3
$0 - $51,000 39.7

Very Low for NC
Very Low for Nation

Value Relative to Nation Value Relative to State
96.99595947766 98.5480943738657

Number Of Homes And Apartments:
1,305

Rent & Ownership

 

Average Market Rent:
$670 / per month

Homeownership Rate

Homeownership
Owners 47.34
Renters 52.66
Vacant 24.61

Housing Market Details

 

Age of Homes

AGE OF Red Springs HOMES
2000 or Newer 8.0
1970 - 1999 38.4
1940 - 1969 44.7
1939 or Older 8.8

Types of Homes

TYPE OF Red Springs HOMES
Single-Family 79.5
Townhomes 0.0
Small Apt. Buildings 5.5
Apt. Complexes 15.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Red Springs HOMES
No Bedroom 0.75
1 Bedroom 17.45
2 Bedrooms 40.73
3 Bedrooms 30.21
4 Bedrooms 10.86
5 or more bedrooms 0.00

Red Springs 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
24.65% 1.30% 5 2
* 10 is highest

Popular Neighborhoods in Red Springs

Zip Codes in Red Springs, NC