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 2,114 people, 986 houses or apartments, and a median cost of homes of $158,565, house prices in Parsons are some of the most affordable in Tennessee as well as the nation.
Single-family detached homes are the single most common housing type in Parsons, accounting for 75.30% of the city's housing units. Other types of housing that are prevalent in Parsons include mobile homes or trailers ( 12.35%), large apartment complexes or high rise apartments ( 8.21%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.14%).
The most prevalent building size and type in Parsons are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.52% owning and 37.48% renting.
There is a lot of housing in Parsons 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 Parsons built between 1940-1969 ( 24.78%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.25%). There's also some housing in Parsons built before 1939 ( 6.61%).
Vacant housing appears to be an issue in Parsons. Fully 21.43% of the housing stock is classified as vacant. Left unchecked, vacant Parsons homes and apartments can be a drag on the real estate market, holding Parsons 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, Parsons has experienced some of the highest home appreciation rates of any community in the nation. Parsons real estate appreciated 142.08% over the last ten years, which is an average annual home appreciation rate of 9.24%, putting Parsons in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Parsons 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, Parsons's appreciation rate, at 5.72%, has been at or slightly above the national average. In the latest quarter, Parsons's appreciation rate has been 2.75%, which annualizes to a rate of 11.45%.
Relative to Tennessee, our data show that Parsons's latest annual appreciation rate is lower than 50% of the other cities and towns in Tennessee.
$158,565
for Tennessee
for nation
986
$1,232 / per month