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 3,118, 1,173 total housing units (homes and apartments), and a median house value of $105,577, house prices in Red Springs are some of the most affordable in North Carolina as well as the nation.
Single-family detached homes are the single most common housing type in Red Springs, accounting for 77.18% of the town's housing units. Other types of housing that are prevalent in Red Springs include duplexes, homes converted to apartments or other small apartment buildings ( 12.91%), large apartment complexes or high rise apartments ( 9.91%).
The most prevalent building size and type in Red Springs are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 51.11% owning and 48.89% renting.
There is a lot of housing in Red 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 Red Springs built between 1940-1969 ( 26.66%). A lesser amount of the housing stock also hails from before 1939 ( 20.10%). There's also some housing in Red Springs built between 2000 and later ( 11.37%).
Vacant housing appears to be an issue in Red Springs. Fully 18.14% of the housing stock is classified as vacant. Left unchecked, vacant Red Springs homes and apartments can be a drag on the real estate market, holding Red 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 Red 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 97.68%, which ranks in the top 40% nationwide. This equates to an annual average Red Springs house appreciation rate of 7.05%.
Appreciation rates are so strong in Red Springs that despite a nationwide downturn in the housing market, Red Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Red Springs appreciation rates continue to be some of the highest in America, at 12.02%, which is higher than appreciation rates in 72.47% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Red Springs. Red Springs appreciation rates in the latest quarter were at 2.16%, which equates to an annual appreciation rate of 8.91%.
Relative to North Carolina, our data show that Red Springs's latest annual appreciation rate is higher than 60% of the other cities and towns in North Carolina.
$105,577
for North carolina
for nation
1,173
$979 / per month