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 1,484 people, 708 houses or apartments, and a median cost of homes of $148,392, the cost of homes in Shannon is among some of the lowest in the nation. Compared to Mississippi, however, Shannon real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in Shannon, accounting for 56.74% of the town's housing units. Other types of housing that are prevalent in Shannon include mobile homes or trailers ( 26.98%), large apartment complexes or high rise apartments ( 14.88%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.05%).
The most prevalent building size and type in Shannon are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.98% owning and 36.02% renting.
There is a lot of housing in Shannon 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 Shannon built between 1940-1969 ( 21.40%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.74%). There's also some housing in Shannon built before 1939 ( 2.79%).
Vacant housing appears to be an issue in Shannon. Fully 17.67% of the housing stock is classified as vacant. Left unchecked, vacant Shannon homes and apartments can be a drag on the real estate market, holding Shannon 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.
Shannon's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Shannon during the period has been just 5.13%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Shannon's appreciation rate, at 5.97%, has been at or slightly above the national average. In the latest quarter, Shannon's appreciation rate has been 2.38%, which annualizes to a rate of 9.87%.
Relative to Mississippi, our data show that Shannon's latest annual appreciation rate is lower than 50% of the other cities and towns in Mississippi.
$148,392
for Mississippi
for nation
708
$1,756 / per month