Millington TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Millington, 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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Millington Housing Market Information

With a population of 10,685, 4,317 total housing units (homes and apartments), and a median house value of $132,188, house prices in Millington are solidly below the national average.

Single-family detached homes are the single most common housing type in Millington, accounting for 65.54% of the city's housing units. Other types of housing that are prevalent in Millington include large apartment complexes or high rise apartments ( 17.03%), duplexes, homes converted to apartments or other small apartment buildings ( 9.54%), and a few row houses and other attached homes ( 5.04%).

The most prevalent building size and type in Millington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.61% owning and 45.39% renting.

There is a lot of housing in Millington 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 Millington built between 1940-1969 ( 37.63%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.85%). There's also some housing in Millington built before 1939 ( 4.66%).

Vacant housing appears to be an issue in Millington. Fully 13.31% of the housing stock is classified as vacant. Left unchecked, vacant Millington homes and apartments can be a drag on the real estate market, holding Millington 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.

Millington Home Appreciation Rates

Real estate appreciation rates in Millington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.06% during the period.

Appreciation rates are so strong in Millington that despite a nationwide downturn in the housing market, Millington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Millington appreciation rates continue to be some of the highest in America, at 6.07%, which is higher than appreciation rates in 81.76% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Millington. Millington appreciation rates in the latest quarter were at 1.66%, which equates to an annual appreciation rate of 6.81%.

Importantly, this makes Millington 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 Tennessee, our data show that Millington's latest annual appreciation rate is lower than 50% 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 Millington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Millington - 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 Millington real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$132,188

Millington, TN HOME PRICES

Value Range
> $1,212,000 0.0
$909,001 - $1,212,000 0.0
$606,001 - $909,000 0.2
$485,001 - $606,000 0.0
$364,001 - $485,000 1.3
$243,001 - $364,000 12.7
$122,001 - $243,000 39.4
$61,001 - $122,000 39.0
$0 - $61,000 7.4

Low for TN
Low for Nation

Value Relative to Nation Value Relative to State
69.5649635036496 64.2857142857143

Number Of Homes And Apartments:
4,317

Millington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
31.72% 1.35%
1
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$933 / per month

Homeownership Rate

Homeownership
Owners 54.61
Renters 45.39
Vacant 13.31

Housing Market Details

 

Age of Homes

AGE OF Millington HOMES
2000 or Newer 16.8
1970 - 1999 40.9
1940 - 1969 37.6
1939 or Older 4.7

Types of Homes

TYPE OF Millington HOMES
Single-Family 65.5
Townhomes 5.0
Small Apt. Buildings 9.5
Apt. Complexes 17.0
Mobile Homes 2.9
Other 0.0

Home Size

SIZE OF Millington HOMES
No Bedroom 1.45
1 Bedroom 7.27
2 Bedrooms 28.84
3 Bedrooms 48.01
4 Bedrooms 12.83
5 or more bedrooms 1.61