McMinnville, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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McMinnville, TN 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

McMinnville Housing Market Information

With a population of 13,759, 5,481 total housing units (homes and apartments), and a median house value of $114,607, house prices in McMinnville are solidly below the national average.

Single-family detached homes are the single most common housing type in McMinnville, accounting for 66.01% of the city's housing units. Other types of housing that are prevalent in McMinnville include large apartment complexes or high rise apartments ( 17.45%), duplexes, homes converted to apartments or other small apartment buildings ( 14.43%), and a few mobile homes or trailers ( 1.33%).

The most prevalent building size and type in McMinnville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.73% owning and 50.27% 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. McMinnville's housing was primarily built during this period, from the '40s through the '60s. A full 45.74% of the city's housing hails from this era. Other housing ages represented in McMinnville include homes built between 1970-1999 ( 43.11%) and housing constructed between 2000 and later ( 5.94%). There's also some housing in McMinnville built before 1939 ( 5.20%).

Vacant housing appears to be an issue in McMinnville. Fully 13.34% of the housing stock is classified as vacant. Left unchecked, vacant McMinnville homes and apartments can be a drag on the real estate market, holding McMinnville 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.

McMinnville Home Appreciation Rates

Appreciation rates for homes in McMinnville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 5.23%, which ranks in the top 40% nationwide. This equates to an annual average McMinnville house appreciation rate of 0.51%.

Over the last year, McMinnville appreciation rates have trailed the rest of the nation. In the last twelve months, McMinnville's appreciation rate has been 0.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in McMinnville were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Tennessee, our data show that McMinnville's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within McMinnville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in McMinnville - 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 McMinnville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$114,607

McMinnville, TN HOME PRICES

Value Range
> $1,063,000 0.3
$797,001 - $1,063,000 0.3
$532,001 - $797,000 0.3
$425,001 - $532,000 1.3
$319,001 - $425,000 1.6
$213,001 - $319,000 6.8
$106,001 - $213,000 32.5
$53,001 - $106,000 43.6
$0 - $53,000 13.3

Average for TN
Low for Nation

Value Relative to Nation Value Relative to State
68.5397867104184 58.1632653061224

Number Of Homes And Apartments:
5,481

McMinnville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
23.93% 1.25% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$735 / per month

Homeownership Rate

Homeownership
Owners 49.73
Renters 50.27
Vacant 13.34

Housing Market Details

 

Age of Homes

AGE OF McMinnville HOMES
2000 or Newer 5.9
1970 - 1999 43.1
1940 - 1969 45.7
1939 or Older 5.2

Types of Homes

TYPE OF McMinnville HOMES
Single-Family 66.0
Townhomes 0.8
Small Apt. Buildings 14.4
Apt. Complexes 17.5
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF McMinnville HOMES
No Bedroom 3.16
1 Bedroom 8.93
2 Bedrooms 35.32
3 Bedrooms 42.80
4 Bedrooms 7.11
5 or more bedrooms 2.67

Popular Communities Near McMinnville, TN

Zip Codes in McMinnville, TN