Red Bank, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Red Bank, TN Real Estate Data


Red Bank Housing Market Information

With 11,769 people, 5,290 houses or apartments, and a median cost of homes of $132,605, house prices in Red Bank are solidly below the national average.

Single-family detached homes are the single most common housing type in Red Bank, accounting for 62.24% of the city's housing units. Other types of housing that are prevalent in Red Bank include large apartment complexes or high rise apartments ( 22.68%), duplexes, homes converted to apartments or other small apartment buildings ( 11.80%), and a few row houses and other attached homes ( 2.69%).

People in Red Bank primarily live in small (one, two or no bedroom) single-family detached homes. Red Bank has a mixture of owner-occupied and renter-occupied housing.

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. Red Bank's housing was primarily built during this period, from the '40s through the '60s. A full 47.68% of the city's housing hails from this era. Other housing ages represented in Red Bank include homes built between 1970-1999 ( 37.51%) and housing constructed before 1939 ( 11.66%). There's also some housing in Red Bank built between 2000 and later ( 3.14%).

Vacant housing appears to be an issue in Red Bank. Fully 11.21% of the housing stock is classified as vacant. Left unchecked, vacant Red Bank homes and apartments can be a drag on the real estate market, holding Red Bank 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.

Red Bank Home Appreciation Rates

Appreciation rates for homes in Red Bank have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.35%, which ranks in the top 30% nationwide. This equates to an annual average Red Bank house appreciation rate of 0.99%.

Over the last year, Red Bank appreciation rates have trailed the rest of the nation. In the last twelve months, Red Bank's appreciation rate has been 2.99%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Red Bank were at 0.13%, which equates to an annual appreciation rate of 0.50%.

Relative to Tennessee, our data show that Red Bank's latest annual appreciation rate is lower than 70% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$132,605

Red Bank, TN HOME PRICES

Value Range
> $1,103,000 0.6
$827,001 - $1,103,000 0.8
$552,001 - $827,000 0.5
$441,001 - $552,000 0.8
$331,001 - $441,000 2.2
$221,001 - $331,000 5.8
$110,001 - $221,000 61.3
$55,001 - $110,000 25.8
$0 - $55,000 2.1

Average for TN
Average for Nation

Value Relative to Nation Value Relative to State
58.2737606937771 41.3265306122449

Number Of Homes And Apartments:
5,290

Rent & Ownership

 

Average Market Rent:
$839 / per month

Homeownership Rate

Homeownership
Owners 50.91
Renters 49.09
Vacant 11.21

Housing Market Details

 

Age of Homes

AGE OF Red Bank HOMES
2000 or Newer 3.1
1970 - 1999 37.5
1940 - 1969 47.7
1939 or Older 11.7

Types of Homes

TYPE OF Red Bank HOMES
Single-Family 62.2
Townhomes 2.7
Small Apt. Buildings 11.8
Apt. Complexes 22.7
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Red Bank HOMES
No Bedroom 1.58
1 Bedroom 15.69
2 Bedrooms 39.81
3 Bedrooms 34.24
4 Bedrooms 7.23
5 or more bedrooms 1.44

Red Bank Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
47.99% 2.30% 8 6
* 10 is highest