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 17,602 people, 6,469 houses or apartments, and a median cost of homes of $227,036, house prices in Morganton are solidly below the national average.
Single-family detached homes are the single most common housing type in Morganton, accounting for 55.46% of the city's housing units. Other types of housing that are prevalent in Morganton include large apartment complexes or high rise apartments ( 18.69%), duplexes, homes converted to apartments or other small apartment buildings ( 16.37%), and a few mobile homes or trailers ( 7.77%).
People in Morganton primarily live in small (one, two or no bedroom) single-family detached homes. Morganton has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Morganton 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 Morganton built between 1940-1969 ( 33.04%). A lesser amount of the housing stock also hails from before 1939 ( 13.22%). There's also some housing in Morganton built between 2000 and later ( 9.50%).
Vacant housing appears to be an issue in Morganton. Fully 10.58% of the housing stock is classified as vacant. Left unchecked, vacant Morganton homes and apartments can be a drag on the real estate market, holding Morganton 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 Morganton have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 107.38%, which ranks in the top 30% nationwide. This equates to an annual average Morganton house appreciation rate of 7.57%.
NeighborhoodScout's data show that during the latest twelve months, Morganton's appreciation rate, at 6.49%, has been at or slightly above the national average. In the latest quarter, Morganton's appreciation rate has been 1.62%, which annualizes to a rate of 6.65%.
Relative to North Carolina, our data show that Morganton's latest annual appreciation rate is lower than 50% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Morganton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morganton - 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 Morganton real estate investment or home purchase decisions.
$227,036
for North carolina
for nation
6,469
$1,599 / per month