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 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.
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.
$209,409
for Kentucky
for nation
1,024
$1,102 / per month