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 15,494, 5,573 total housing units (homes and apartments), and a median house value of $235,434, house prices in Berea are solidly below the national average.
Single-family detached homes are the single most common housing type in Berea, accounting for 62.02% of the city's housing units. Other types of housing that are prevalent in Berea include duplexes, homes converted to apartments or other small apartment buildings ( 18.57%), large apartment complexes or high rise apartments ( 12.98%), and a few mobile homes or trailers ( 3.37%).
The most prevalent building size and type in Berea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.24% owning and 49.76% renting.
There is a lot of housing in Berea 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 Berea built between 2000 and later ( 32.10%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.89%). There's also some housing in Berea built before 1939 ( 6.24%).
Real estate appreciation rates in Berea's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.19% during the period.
NeighborhoodScout's data show that during the latest twelve months, Berea's appreciation rate, at 6.32%, has been at or slightly above the national average. In the latest quarter, Berea's appreciation rate has been 1.84%, which annualizes to a rate of 7.57%.
Relative to Kentucky, our data show that Berea's latest annual appreciation rate is lower than 70% of the other cities and towns in Kentucky.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Berea differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Berea - 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 Berea real estate investment or home purchase decisions.
$235,434
for Kentucky
for nation
5,573
$1,325 / per month