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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 6,662 people, 2,289 houses or apartments, and a median cost of homes of $154,613, Madras real estate values are some of the lowest in Oregon, although compared to real estate around the nation, Madras homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Madras, accounting for 55.16% of the city's housing units. Other types of housing that are prevalent in Madras include mobile homes or trailers ( 17.37%), duplexes, homes converted to apartments or other small apartment buildings ( 12.41%), and a few large apartment complexes or high rise apartments ( 11.72%).
The most prevalent building size and type in Madras are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.62% owning and 55.38% renting.
There is a lot of housing in Madras 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 Madras built between 1940-1969 ( 24.24%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.76%). There's also some housing in Madras built before 1939 ( 1.93%).
Vacant housing appears to be an issue in Madras. Fully 13.16% of the housing stock is classified as vacant. Left unchecked, vacant Madras homes and apartments can be a drag on the real estate market, holding Madras 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.
Madras's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Madras during the period has been just -1.72%, which is lower than 80% of US communities.
Appreciation rates are so strong in Madras that despite a nationwide downturn in the housing market, Madras real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Madras appreciation rates continue to be some of the highest in America, at 13.78%, which is higher than appreciation rates in 98.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Madras. Madras appreciation rates in the latest quarter were at 4.19%, which equates to an annual appreciation rate of 17.85%.
Importantly, this makes Madras one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oregon, our data show that Madras's latest annual appreciation rate is higher than 90% of the other cities and towns in Oregon.
|$1,056,001 - $1,407,000||0.5|
|$704,001 - $1,056,000||2.8|
|$563,001 - $704,000||1.4|
|$422,001 - $563,000||1.9|
|$282,001 - $422,000||17.1|
|$141,001 - $282,000||30.1|
|$71,001 - $141,000||33.0|
|$0 - $71,000||13.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Madras HOMES|
|2000 or Newer||22.8|
|1970 - 1999||51.1|
|1940 - 1969||24.2|
|1939 or Older||1.9|
|TYPE OF Madras HOMES|
|Small Apt. Buildings||12.4|
|SIZE OF Madras HOMES|
|5 or more bedrooms||0.00|