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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 2,141, 804 total housing units (homes and apartments), and a median house value of $221,801, house prices in Elkton are solidly below the national average.
Single-family detached homes are the single most common housing type in Elkton, accounting for 71.18% of the city's housing units. Other types of housing that are prevalent in Elkton include mobile homes or trailers ( 17.38%), large apartment complexes or high rise apartments ( 6.45%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.43%).
People in Elkton primarily live in small (one, two or no bedroom) single-family detached homes. Elkton has a mixture of owner-occupied and renter-occupied housing.
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 ( 28.93%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.23%). There's also some housing in Elkton built before 1939 ( 9.68%).
Vacant housing appears to be an issue in Elkton. Fully 16.34% 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.
Appreciation rates for homes in Elkton have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.45%, which ranks in the top 50% nationwide. This equates to an annual average Elkton house appreciation rate of 6.93%.
NeighborhoodScout's data show that during the latest twelve months, Elkton's appreciation rate, at 7.75%, has been at or slightly above the national average. In the latest quarter, Elkton's appreciation rate has been 1.84%, which annualizes to a rate of 7.57%.
Relative to Kentucky, our data show that Elkton's latest annual appreciation rate is higher than 70% of the other cities and towns in Kentucky.
$221,801
for Kentucky
for nation
804
$1,313 / per month