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 16,815 people, 6,977 houses or apartments, and a median cost of homes of $865,357, Middletown house prices are not only among the most expensive in Rhode Island, Middletown real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Middletown, accounting for 56.23% 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 ( 18.48%), large apartment complexes or high rise apartments ( 11.96%), and a few row houses and other attached homes ( 9.73%).
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 58.18% owning and 41.82% renting.
There is a lot of housing in Middletown 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 Middletown built between 1940-1969 ( 35.95%). A lesser amount of the housing stock also hails from before 1939 ( 15.55%). There's also some housing in Middletown built between 2000 and later ( 8.91%).
Vacant housing appears to be an issue in Middletown. Fully 12.84% 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.
In the last 10 years, Middletown has experienced some of the highest home appreciation rates of any community in the nation. Middletown real estate appreciated 119.51% over the last ten years, which is an average annual home appreciation rate of 8.18%, putting Middletown in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Middletown definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 11.49%, which is higher than appreciation rates in 92.46% 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 2.99%, which equates to an annual appreciation rate of 12.50%.
Relative to Rhode Island, our data show that Middletown's latest annual appreciation rate is higher than 90% 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.
$865,357
for Rhode island
for nation
6,977
$3,264 / per month