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 6,596 people, 2,598 houses or apartments, and a median cost of homes of $223,572, house prices in Garrett are solidly below the national average.
Single-family detached homes are the single most common housing type in Garrett, accounting for 80.40% of the city's housing units. Other types of housing that are prevalent in Garrett include duplexes, homes converted to apartments or other small apartment buildings ( 8.97%), large apartment complexes or high rise apartments ( 5.24%), and a few mobile homes or trailers ( 4.36%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Garrett. Owner-occupied housing accounts for 80.87% of Garrett's homes, and 69.03% have either three or four bedrooms, which is average sized relative to America.
The housing in Garrett was primarily built before 1939 ( 37.38%), making the housing stock in Garrett some of the oldest overall in America, although there is a range of ages of homes in Garrett. The next most important housing age is between 1970-1999 ( 30.86%), followed by between 2000 and later ( 15.91%). There's also some housing in Garrett built between 1940-1969 ( 15.84%).
In the last 10 years, Garrett has experienced some of the highest home appreciation rates of any community in the nation. Garrett real estate appreciated 119.39% over the last ten years, which is an average annual home appreciation rate of 8.17%, putting Garrett in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Garrett definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Garrett appreciation rates have trailed the rest of the nation. In the last twelve months, Garrett's appreciation rate has been 4.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Garrett were at 1.91%, which equates to an annual appreciation rate of 7.88%.
Relative to Indiana, our data show that Garrett's latest annual appreciation rate is lower than 70% of the other cities and towns in Indiana.
$223,572
for Indiana
for nation
2,598
$1,296 / per month