Washington, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Washington, 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

Washington Housing Market Information

With a population of 9,788, 3,915 total housing units (homes and apartments), and a median house value of $197,324, Washington real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Washington, accounting for 68.26% of the city's housing units. Other types of housing that are prevalent in Washington include large apartment complexes or high rise apartments ( 14.28%), duplexes, homes converted to apartments or other small apartment buildings ( 8.87%), and a few row houses and other attached homes ( 4.77%).

The most prevalent building size and type in Washington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.52% owning and 53.48% renting.

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. Washington's housing was primarily built during this period, from the '40s through the '60s. A full 39.92% of the city's housing hails from this era. Other housing ages represented in Washington include homes built between 1970-1999 ( 37.61%) and housing constructed before 1939 ( 11.59%). There's also some housing in Washington built between 2000 and later ( 10.88%).

Vacant housing appears to be an issue in Washington. Fully 18.52% of the housing stock is classified as vacant. Left unchecked, vacant Washington homes and apartments can be a drag on the real estate market, holding Washington 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.

Washington Home Appreciation Rates

Real estate appreciation rates in Washington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.46% during the period.

NeighborhoodScout's data show that during the latest twelve months, Washington's appreciation rate, at 3.37%, has been at or slightly above the national average. In the latest quarter, Washington's appreciation rate has been -0.54%, which annualizes to a rate of -2.13%.

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

Relative to North Carolina, our data show that Washington's latest annual appreciation rate is higher than 50% 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 city. Individual neighborhoods within Washington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Washington - 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 Washington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$197,324

Washington, NC HOME PRICES

Value Range
> $1,043,000 0.0
$782,001 - $1,043,000 0.0
$521,001 - $782,000 1.8
$417,001 - $521,000 1.9
$313,001 - $417,000 9.7
$209,001 - $313,000 19.5
$104,001 - $209,000 29.9
$52,001 - $104,000 30.5
$0 - $52,000 6.8

High for NC
High for Nation

Value Relative to Nation Value Relative to State
32.9192546583851 23.7749546279492

Number Of Homes And Apartments:
3,915

Washington 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
45.64% 2.20% 8 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$875 / per month

Homeownership Rate

Homeownership
Owners 46.52
Renters 53.48
Vacant 18.52

Housing Market Details

 

Age of Homes

AGE OF Washington HOMES
2000 or Newer 10.9
1970 - 1999 37.6
1940 - 1969 39.9
1939 or Older 11.6

Types of Homes

TYPE OF Washington HOMES
Single-Family 68.3
Townhomes 4.8
Small Apt. Buildings 8.9
Apt. Complexes 14.3
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Washington HOMES
No Bedroom 1.54
1 Bedroom 10.68
2 Bedrooms 22.68
3 Bedrooms 49.12
4 Bedrooms 13.13
5 or more bedrooms 2.85