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 7,667 people, 2,998 houses or apartments, and a median cost of homes of $233,004, house prices in New Albany are solidly below the national average.
Single-family detached homes are the single most common housing type in New Albany, accounting for 72.79% of the city's housing units. Other types of housing that are prevalent in New Albany include duplexes, homes converted to apartments or other small apartment buildings ( 11.95%), large apartment complexes or high rise apartments ( 8.76%), and a few mobile homes or trailers ( 4.21%).
The most prevalent building size and type in New Albany are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.81% owning and 48.19% renting.
There is a lot of housing in New Albany 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 Albany built between 1940-1969 ( 34.12%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.44%). There's also some housing in New Albany built before 1939 ( 6.79%).
Vacant housing appears to be an issue in New Albany. Fully 13.03% of the housing stock is classified as vacant. Left unchecked, vacant New Albany homes and apartments can be a drag on the real estate market, holding New Albany 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.
Real estate appreciation rates in New Albany's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.75% during the period.
Over the last year, New Albany appreciation rates have trailed the rest of the nation. In the last twelve months, New Albany's appreciation rate has been 3.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Albany were at 2.38%, which equates to an annual appreciation rate of 9.88%.
Relative to Mississippi, our data show that New Albany's latest annual appreciation rate is lower than 80% of the other cities and towns in Mississippi.
$233,004
for Mississippi
for nation
2,998
$1,610 / per month