Elkton, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elkton, VA 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

Elkton Housing Market Information

With a population of 2,809, 1,278 total housing units (homes and apartments), and a median house value of $164,431, Elkton real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Elkton, accounting for 71.77% of the town's housing units. Other types of housing that are prevalent in Elkton include large apartment complexes or high rise apartments ( 18.35%), duplexes, homes converted to apartments or other small apartment buildings ( 7.12%), and a few row houses and other attached homes ( 2.76%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elkton. Owner-occupied housing accounts for 68.47% of Elkton's homes, and 59.95% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Elkton 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 Elkton built between 1940-1969 ( 31.05%). A lesser amount of the housing stock also hails from before 1939 ( 15.39%). There's also some housing in Elkton built between 2000 and later ( 12.77%).

Vacant housing appears to be an issue in Elkton. Fully 14.11% of the housing stock is classified as vacant. Left unchecked, vacant Elkton homes and apartments can be a drag on the real estate market, holding Elkton 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.

Elkton Home Appreciation Rates

Elkton's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elkton during the period has been just -1.76%, which is lower than 80% of US communities.

Over the last year, Elkton appreciation rates have trailed the rest of the nation. In the last twelve months, Elkton's appreciation rate has been -2.17%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elkton were at -0.75%, which equates to an annual appreciation rate of -2.98%.

Notably, Elkton's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$164,431

Elkton, VA HOME PRICES

Value Range
> $981,000 0.1
$736,001 - $981,000 1.0
$490,001 - $736,000 2.0
$392,001 - $490,000 2.6
$294,001 - $392,000 4.5
$196,001 - $294,000 24.4
$98,001 - $196,000 48.6
$49,001 - $98,000 11.2
$0 - $49,000 5.5

Average for VA
Average for Nation

Value Relative to Nation Value Relative to State
43.8737841321927 60.1108033240997

Number Of Homes And Apartments:
1,278

Elkton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
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
47.68% 2.29% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$808 / per month

Homeownership Rate

Homeownership
Owners 68.47
Renters 31.53
Vacant 14.11

Housing Market Details

 

Age of Homes

AGE OF Elkton HOMES
2000 or Newer 12.8
1970 - 1999 40.8
1940 - 1969 31.0
1939 or Older 15.4

Types of Homes

TYPE OF Elkton HOMES
Single-Family 71.8
Townhomes 2.8
Small Apt. Buildings 7.1
Apt. Complexes 18.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Elkton HOMES
No Bedroom 3.23
1 Bedroom 12.77
2 Bedrooms 21.44
3 Bedrooms 47.92
4 Bedrooms 12.03
5 or more bedrooms 2.62

Popular Neighborhoods in Elkton

Zip Codes in Elkton, VA