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 15,888 people, 6,924 houses or apartments, and a median cost of homes of $474,046, real estate costs in Middletown are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Rhode Island communities.
Single-family detached homes are the single most common housing type in Middletown, accounting for 59.85% of the town's housing units. Other types of housing that are prevalent in Middletown include duplexes, homes converted to apartments or other small apartment buildings ( 14.71%), large apartment complexes or high rise apartments ( 13.91%), and a few row houses and other attached homes ( 8.53%).
The most prevalent building size and type in Middletown are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 53.41% owning and 46.59% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Middletown's housing was primarily built during this period, from the '40s through the '60s. A full 43.78% of the town's housing hails from this era. Other housing ages represented in Middletown include homes built between 1970-1999 ( 36.23%) and housing constructed before 1939 ( 11.93%). There's also some housing in Middletown built between 2000 and later ( 8.05%).
Vacant housing appears to be an issue in Middletown. Fully 13.02% of the housing stock is classified as vacant. Left unchecked, vacant Middletown homes and apartments can be a drag on the real estate market, holding Middletown 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 Middletown have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.85%, which ranks in the top 40% nationwide. This equates to an annual average Middletown house appreciation rate of 4.33%.
Appreciation rates are so strong in Middletown that despite a nationwide downturn in the housing market, Middletown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Middletown appreciation rates continue to be some of the highest in America, at 10.69%, which is higher than appreciation rates in 73.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Middletown. Middletown appreciation rates in the latest quarter were at 4.04%, which equates to an annual appreciation rate of 17.16%.
Importantly, this makes Middletown one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Rhode Island, our data show that Middletown's latest annual appreciation rate is lower than 80% of the other cities and towns in Rhode Island.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Middletown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Middletown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Middletown real estate investment or home purchase decisions.