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 3,440, 1,664 total housing units (homes and apartments), and a median house value of $357,451, Wallace real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Wallace, accounting for 63.61% of the town's housing units. Other types of housing that are prevalent in Wallace include duplexes, homes converted to apartments or other small apartment buildings ( 27.43%), mobile homes or trailers ( 7.86%).
The most prevalent building size and type in Wallace are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.90% owning and 42.10% renting.
There is a lot of housing in Wallace 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 Wallace built between 1940-1969 ( 31.67%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.54%). There's also some housing in Wallace built before 1939 ( 4.12%).
Appreciation rates for homes in Wallace have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 114.69%, which ranks in the top 30% nationwide. This equates to an annual average Wallace house appreciation rate of 7.94%.
Appreciation rates are so strong in Wallace that despite a nationwide downturn in the housing market, Wallace real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wallace appreciation rates continue to be some of the highest in America, at 12.19%, which is higher than appreciation rates in 73.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wallace. Wallace appreciation rates in the latest quarter were at 3.76%, which equates to an annual appreciation rate of 15.90%.
Relative to North Carolina, our data show that Wallace's latest annual appreciation rate is higher than 60% of the other cities and towns in North Carolina.
$357,451
for North carolina
for nation
1,664
$1,077 / per month