Pitkin appreciation rates and housing market information

Pitkin housing market information

With a population of 4,137, 2,889 total housing units (homes and apartments), and a median house value of $87,900,

single-family detached homes are the single most common housing type in Pitkin, accounting for 56.28% of the town's housing units. Other types of housing that are prevalent in Pitkin include mobile homes or trailers (35.76%), duplexes, homes converted to apartments, or other small apartment buildings (2.73%), large apartment complexes or high rise apartments (2.67%), and a few row houses and other attached homes (2.56%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Pitkin. Owner-occupied housing accounts for 76.25% of Pitkin's homes, and 60.71% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Pitkin built from 1970-1994, 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 Pitkin built from 1940-1969 (28.18%). A lesser amount of the housing stock also hails from 1995 and later (12.95%), and some were built from 1939 and earlier (12.95%).

Vacant housing appears to be an issue in Pitkin. Fully 10.01% of the housing stock is classified as vacant. Left unchecked, vacant Pitkin homes and apartments can be a drag on the real estate market, holding Pitkin 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.

Pitkin home appreciation rates

Appreciation rates for homes in Pitkin have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 114.27%, which ranks in the top 20% nationwide. This equates to an annual average Pitkin house appreciation rate of 11.42%.

Appreciation rates are so strong in Pitkin that despite a nationwide downturn in the housing market, Pitkin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pitkin appreciation rates continue to be some of the highest in America, at 7.37%, which is higher than appreciation rates in 92% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pitkin. Pitkin appreciation rates in the latest quarter were at 0.50%, which equates to an annual appreciation rate of 2.00%.

Relative to Louisiana, our data show that Pitkin's latest annual appreciation rate is higher than 94% of the other cities and towns in Louisiana.