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 2,126 people, 1,013 houses or apartments, and a median cost of homes of $303,105, Amherst real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Amherst, accounting for 76.67% of the town's housing units. Other types of housing that are prevalent in Amherst include duplexes, homes converted to apartments or other small apartment buildings ( 15.58%), mobile homes or trailers ( 4.36%), and a few row houses and other attached homes ( 2.76%).
The most prevalent building size and type in Amherst are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 61.28% owning and 38.72% 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. Amherst's housing was primarily built during this period, from the '40s through the '60s. A full 40.34% of the town's housing hails from this era. Other housing ages represented in Amherst include homes built between 1970-1999 ( 39.63%) and housing constructed before 1939 ( 14.60%). There's also some housing in Amherst built between 2000 and later ( 5.43%).
Amherst's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Amherst during the period has been just 4.84%, which is lower than 80% of US communities.
Appreciation rates are so strong in Amherst that despite a nationwide downturn in the housing market, Amherst real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Amherst appreciation rates continue to be some of the highest in America, at 8.38%, which is higher than appreciation rates in 88.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Amherst. Amherst appreciation rates in the latest quarter were at -0.20%, which equates to an annual appreciation rate of -0.78%.
Relative to Virginia, our data show that Amherst's latest annual appreciation rate is higher than 90% of the other cities and towns in Virginia.
$303,105
for Virginia
for nation
1,013
$1,092 / per month