Milan, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Milan Neighborhoods Since 2000




Milan, 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

Milan Housing Market Information

With 7,813 people, 2,959 houses or apartments, and a median cost of homes of $110,021, house prices in Milan are solidly below the national average.

Single-family detached homes are the single most common housing type in Milan, accounting for 79.65% of the city's housing units. Other types of housing that are prevalent in Milan include duplexes, homes converted to apartments or other small apartment buildings ( 7.66%), large apartment complexes or high rise apartments ( 7.29%), and a few mobile homes or trailers ( 3.21%).

The most prevalent building size and type in Milan are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.85% owning and 38.15% renting.

There is a lot of housing in Milan 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 Milan built between 1940-1969 ( 38.20%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.89%). There's also some housing in Milan built before 1939 ( 9.07%).

Vacant housing appears to be an issue in Milan. Fully 15.07% of the housing stock is classified as vacant. Left unchecked, vacant Milan homes and apartments can be a drag on the real estate market, holding Milan 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.

Milan Home Appreciation Rates

Real estate appreciation rates in Milan's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.15% during the period.

Over the last year, Milan appreciation rates have trailed the rest of the nation. In the last twelve months, Milan's appreciation rate has been -0.35%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milan were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Tennessee, our data show that Milan's latest annual appreciation rate is lower than 90% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$110,021

Milan, TN HOME PRICES

Value Range
> $1,049,000 0.3
$787,001 - $1,049,000 0.8
$524,001 - $787,000 0.2
$420,001 - $524,000 1.3
$315,001 - $420,000 4.0
$210,001 - $315,000 6.3
$105,001 - $210,000 30.9
$53,001 - $105,000 41.4
$0 - $53,000 14.8

Low for TN
Low for Nation

Value Relative to Nation Value Relative to State
71.3523965779913 63.0102040816327

Number Of Homes And Apartments:
2,959

Milan 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
15.42% 0.83% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$798 / per month

Homeownership Rate

Homeownership
Owners 61.85
Renters 38.15
Vacant 15.07

Housing Market Details

 

Age of Homes

AGE OF Milan HOMES
2000 or Newer 12.9
1970 - 1999 39.8
1940 - 1969 38.2
1939 or Older 9.1

Types of Homes

TYPE OF Milan HOMES
Single-Family 79.6
Townhomes 2.2
Small Apt. Buildings 7.7
Apt. Complexes 7.3
Mobile Homes 3.2
Other 0.0

Home Size

SIZE OF Milan HOMES
No Bedroom 0.83
1 Bedroom 5.91
2 Bedrooms 24.68
3 Bedrooms 55.60
4 Bedrooms 10.65
5 or more bedrooms 2.32