Monterey, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Monterey, TN Real Estate Data


Monterey Housing Market Information

With 2,860 people, 1,063 houses or apartments, and a median cost of homes of $92,176, house prices in Monterey are some of the most affordable in Tennessee as well as the nation.

Single-family detached homes are the single most common housing type in Monterey, accounting for 63.23% of the town's housing units. Other types of housing that are prevalent in Monterey include mobile homes or trailers ( 16.89%), large apartment complexes or high rise apartments ( 10.40%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.48%).

The most prevalent building size and type in Monterey are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 46.49% owning and 53.51% renting.

There is a lot of housing in Monterey 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 Monterey built between 1940-1969 ( 30.87%). A lesser amount of the housing stock also hails from between 2000 and later ( 6.82%). There's also some housing in Monterey built before 1939 ( 5.82%).

Vacant housing appears to be an issue in Monterey. Fully 11.56% of the housing stock is classified as vacant. Left unchecked, vacant Monterey homes and apartments can be a drag on the real estate market, holding Monterey 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.

Monterey Home Appreciation Rates

Appreciation rates for homes in Monterey have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.41%, which ranks in the top 50% nationwide. This equates to an annual average Monterey house appreciation rate of 0.43%.

Over the last year, Monterey appreciation rates have trailed the rest of the nation. In the last twelve months, Monterey's appreciation rate has been 0.98%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Monterey were at 1.80%, which equates to an annual appreciation rate of 7.39%.

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

Average Home Values

 

Median Home Value:
$92,176

Monterey, TN HOME PRICES

Value Range
> $1,013,000 0.0
$760,001 - $1,013,000 0.0
$507,001 - $760,000 0.0
$405,001 - $507,000 0.0
$304,001 - $405,000 6.8
$202,001 - $304,000 13.2
$101,001 - $202,000 27.2
$51,001 - $101,000 41.8
$0 - $51,000 10.9

Very Low for TN
Very Low for Nation

Value Relative to Nation Value Relative to State
83.9491714001288 83.4183673469388

Number Of Homes And Apartments:
1,063

Rent & Ownership

 

Average Market Rent:
$601 / per month

Homeownership Rate

Homeownership
Owners 46.49
Renters 53.51
Vacant 11.56

Housing Market Details

 

Age of Homes

AGE OF Monterey HOMES
2000 or Newer 6.8
1970 - 1999 56.5
1940 - 1969 30.9
1939 or Older 5.8

Types of Homes

TYPE OF Monterey HOMES
Single-Family 63.2
Townhomes 0.0
Small Apt. Buildings 9.5
Apt. Complexes 10.4
Mobile Homes 16.9
Other 0.0

Home Size

SIZE OF Monterey HOMES
No Bedroom 0.00
1 Bedroom 10.73
2 Bedrooms 35.61
3 Bedrooms 46.01
4 Bedrooms 7.07
5 or more bedrooms 0.58

Monterey Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
24.10% 1.28% 2 2
* 10 is highest

Popular Neighborhoods in Monterey

Zip Codes in Monterey, TN