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 a population of 1,821, 623 total housing units (homes and apartments), and a median house value of $247,585, house prices in Pikeville are solidly below the national average.
Single-family detached homes are the single most common housing type in Pikeville, accounting for 63.69% of the city's housing units. Other types of housing that are prevalent in Pikeville include large apartment complexes or high rise apartments ( 13.50%), duplexes, homes converted to apartments or other small apartment buildings ( 10.70%), and a few mobile homes or trailers ( 8.54%).
The most prevalent building size and type in Pikeville are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 40.34% owning and 59.66% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Pikeville's housing was primarily built during this period, from the '40s through the '60s. A full 40.13% of the city's housing hails from this era. Other housing ages represented in Pikeville include homes built between 1970-1999 ( 35.67%) and housing constructed before 1939 ( 21.27%). There's also some housing in Pikeville built between 2000 and later ( 2.93%).
Vacant housing appears to be an issue in Pikeville. Fully 20.64% of the housing stock is classified as vacant. Left unchecked, vacant Pikeville homes and apartments can be a drag on the real estate market, holding Pikeville 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.
In the last 10 years, Pikeville has experienced some of the highest home appreciation rates of any community in the nation. Pikeville real estate appreciated 134.49% over the last ten years, which is an average annual home appreciation rate of 8.90%, putting Pikeville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pikeville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Pikeville's appreciation rate, at 6.06%, has been at or slightly above the national average. In the latest quarter, Pikeville's appreciation rate has been 2.75%, which annualizes to a rate of 11.45%.
Relative to Tennessee, our data show that Pikeville's latest annual appreciation rate is lower than 50% of the other cities and towns in Tennessee.
$247,585
for Tennessee
for nation
623
$1,294 / per month