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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Russell Springs, KY Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Russell Springs, KY Housing Market Trends

With a population of 2,750, 1,024 total housing units (homes and apartments), and a median house value of $209,409, house prices in Russell Springs are solidly below the national average.

Single-family detached homes are the single most common housing type in Russell Springs, accounting for 59.90% of the city's housing units. Other types of housing that are prevalent in Russell Springs include large apartment complexes or high rise apartments ( 16.40%), duplexes, homes converted to apartments or other small apartment buildings ( 12.12%), and a few mobile homes or trailers ( 7.53%).

The most prevalent building size and type in Russell Springs are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.88% owning and 48.12% renting.

There is a lot of housing in Russell Springs 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 Russell Springs built between 2000 and later ( 36.37%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.95%). There's also some housing in Russell Springs built before 1939 ( 10.54%).

Vacant housing appears to be an issue in Russell Springs. Fully 18.86% of the housing stock is classified as vacant. Left unchecked, vacant Russell Springs homes and apartments can be a drag on the real estate market, holding Russell Springs 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.

Russell Springs Home Appreciation Rates

Appreciation rates for homes in Russell Springs have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.73%, which ranks in the top 50% nationwide. This equates to an annual average Russell Springs house appreciation rate of 6.61%.

Appreciation rates are so strong in Russell Springs that despite a nationwide downturn in the housing market, Russell Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Russell Springs appreciation rates continue to be some of the highest in America, at 9.04%, which is higher than appreciation rates in 81.08% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Russell Springs. Russell Springs appreciation rates in the latest quarter were at 1.84%, which equates to an annual appreciation rate of 7.57%.

Relative to Kentucky, our data show that Russell Springs's latest annual appreciation rate is higher than 90% of the other cities and towns in Kentucky.

Average Home Values

Median Home Value

$209,409

Russell Springs, KY Home Prices
> $1,424,000
$1,068,001 - $1,424,000
$712,001 - $1,068,000
$570,001 - $712,000
$427,001 - $570,000
$285,001 - $427,000
$142,001 - $285,000
$71,001 - $142,000
$0 - $71,000
0.5%
0.5%
0.1%
0.1%
0.1%
0.1%
2.9%
2.9%
4.6%
4.6%
26.8%
26.8%
29.5%
29.5%
29.1%
29.1%
6.4%
6.4%
0% 100.0%
% of Homes
Average

for Kentucky

Low

for nation

Number of Homes And Apartments:

1,024

Russell Springs Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,102 / per month

Homeownership Rate

Owners
Renters
51.9%
51.9%
48.1%
48.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
18.9%
18.9%
81.1%
81.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.4%
36.4%
39.1%
39.1%
13.9%
13.9%
10.5%
10.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
59.9%
59.9%
4.0%
4.0%
12.1%
12.1%
16.4%
16.4%
7.5%
7.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.0%
3.0%
11.8%
11.8%
19.1%
19.1%
48.3%
48.3%
16.3%
16.3%
1.4%
1.4%
0% 100.0%
% of Homes

Popular Neighborhoods in Russell Springs

Popular Communities Near Russell Springs, KY

Zip Codes in Russell Springs, KY