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 10,894 people, 4,027 houses or apartments, and a median cost of homes of $237,794, house prices in Martin are solidly below the national average.
Single-family detached homes are the single most common housing type in Martin, accounting for 54.04% of the city's housing units. Other types of housing that are prevalent in Martin include duplexes, homes converted to apartments or other small apartment buildings ( 26.53%), large apartment complexes or high rise apartments ( 12.47%), and a few mobile homes or trailers ( 5.28%).
People in Martin primarily live in small (one, two or no bedroom) single-family detached homes. Martin has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Martin 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 Martin built between 1940-1969 ( 29.10%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.64%). There's also some housing in Martin built before 1939 ( 4.17%).
Vacant housing appears to be an issue in Martin. Fully 12.49% of the housing stock is classified as vacant. Left unchecked, vacant Martin homes and apartments can be a drag on the real estate market, holding Martin 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.
Real estate appreciation rates in Martin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.44% during the period.
Appreciation rates are so strong in Martin that despite a nationwide downturn in the housing market, Martin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Martin appreciation rates continue to be some of the highest in America, at 8.75%, which is higher than appreciation rates in 78.61% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Martin. Martin appreciation rates in the latest quarter were at 2.75%, which equates to an annual appreciation rate of 11.45%.
Relative to Tennessee, our data show that Martin's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Martin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Martin - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Martin real estate investment or home purchase decisions.
$237,794
for Tennessee
for nation
4,027
$1,258 / per month