Elgin, TX
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elgin, TX Real Estate Data


Elgin Housing Market Information

With 9,039 people, 2,804 houses or apartments, and a median cost of homes of $137,441, house prices in Elgin are solidly below the national average.

Single-family detached homes are the single most common housing type in Elgin, accounting for 71.83% of the city's housing units. Other types of housing that are prevalent in Elgin include duplexes, homes converted to apartments or other small apartment buildings ( 17.66%), row houses and other attached homes ( 5.67%), and a few large apartment complexes or high rise apartments ( 3.04%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elgin. Owner-occupied housing accounts for 68.85% of Elgin's homes, and 66.92% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Elgin 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 Elgin built between 2000 and later ( 32.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 21.34%). There's also some housing in Elgin built before 1939 ( 7.66%).

Vacant housing appears to be an issue in Elgin. Fully 11.24% of the housing stock is classified as vacant. Left unchecked, vacant Elgin homes and apartments can be a drag on the real estate market, holding Elgin 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.

Elgin Home Appreciation Rates

In the last 10 years, Elgin has experienced some of the highest home appreciation rates of any community in the nation. Elgin real estate appreciated 30.13% over the last ten years, which is an average annual home appreciation rate of 2.67%, putting Elgin in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Elgin definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Elgin's appreciation rate, at 4.76%, has been at or slightly above the national average. In the latest quarter, Elgin's appreciation rate has been 4.07%, which annualizes to a rate of 17.31%.

Importantly, this makes Elgin 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 Texas, our data show that Elgin's latest annual appreciation rate is lower than 70% of the other cities and towns in Texas.

Average Home Values

 

Median Home Value:
$137,441

Elgin, TX HOME PRICES

Value Range
> $1,298,000 0.2
$974,001 - $1,298,000 0.5
$649,001 - $974,000 0.3
$519,001 - $649,000 2.2
$389,001 - $519,000 0.1
$260,001 - $389,000 8.2
$130,001 - $260,000 46.7
$65,001 - $130,000 28.1
$0 - $65,000 13.8

High for TX
Average for Nation

Value Relative to Nation Value Relative to State
56.9537975054166 39.7087378640777

Number Of Homes And Apartments:
2,804

Rent & Ownership

 

Average Market Rent:
$1,105 / per month

Homeownership Rate

Homeownership
Owners 68.85
Renters 31.15
Vacant 11.24

Housing Market Details

 

Age of Homes

AGE OF Elgin HOMES
2000 or Newer 32.0
1970 - 1999 39.0
1940 - 1969 21.3
1939 or Older 7.7

Types of Homes

TYPE OF Elgin HOMES
Single-Family 71.8
Townhomes 5.7
Small Apt. Buildings 17.7
Apt. Complexes 3.0
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Elgin HOMES
No Bedroom 0.41
1 Bedroom 4.50
2 Bedrooms 26.27
3 Bedrooms 52.99
4 Bedrooms 13.93
5 or more bedrooms 1.90

Elgin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TX*
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
45.82% 2.24% 2 5
* 10 is highest

Popular Neighborhoods in Elgin

Zip Codes in Elgin, TX