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 1,378 people, 604 houses or apartments, and a median cost of homes of $334,981, New Market real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in New Market, accounting for 85.43% of the town's housing units. Other types of housing that are prevalent in New Market include mobile homes or trailers ( 14.57%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in New Market. Owner-occupied housing accounts for 77.15% of New Market's homes, and 84.05% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in New Market 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 New Market built between 1940-1969 ( 21.78%). A lesser amount of the housing stock also hails from before 1939 ( 17.18%). There's also some housing in New Market built between 2000 and later ( 9.82%).
In the last 10 years, New Market has experienced some of the highest home appreciation rates of any community in the nation. New Market real estate appreciated 171.26% over the last ten years, which is an average annual home appreciation rate of 10.49%, putting New Market in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, New Market definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in New Market that despite a nationwide downturn in the housing market, New Market real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Market appreciation rates continue to be some of the highest in America, at 28.26%, which is higher than appreciation rates in 99.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Market. New Market appreciation rates in the latest quarter were at 7.45%, which equates to an annual appreciation rate of 33.30%.
Importantly, this makes New Market one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Tennessee, our data show that New Market's latest annual appreciation rate is higher than 90% of the other cities and towns in Tennessee.
$334,981
for Tennessee
for nation
604
$1,905 / per month