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 5,953 people, 2,603 houses or apartments, and a median cost of homes of $243,134, house prices in Erwin are solidly below the national average.
Single-family detached homes are the single most common housing type in Erwin, accounting for 65.77% of the town's housing units. Other types of housing that are prevalent in Erwin include large apartment complexes or high rise apartments ( 13.41%), duplexes, homes converted to apartments or other small apartment buildings ( 10.68%), and a few mobile homes or trailers ( 8.74%).
The most prevalent building size and type in Erwin are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.90% owning and 36.10% renting.
There is a lot of housing in Erwin 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 Erwin built between 1940-1969 ( 31.03%). A lesser amount of the housing stock also hails from before 1939 ( 22.62%). There's also some housing in Erwin built between 2000 and later ( 6.97%).
Vacant housing appears to be an issue in Erwin. Fully 13.15% of the housing stock is classified as vacant. Left unchecked, vacant Erwin homes and apartments can be a drag on the real estate market, holding Erwin 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.
Real estate appreciation rates in Erwin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.42% during the period.
NeighborhoodScout's data show that during the latest twelve months, Erwin's appreciation rate, at 5.82%, has been at or slightly above the national average. In the latest quarter, Erwin's appreciation rate has been 1.46%, which annualizes to a rate of 5.96%.
Relative to Tennessee, our data show that Erwin's latest annual appreciation rate is lower than 50% of the other cities and towns in Tennessee.
$243,134
for Tennessee
for nation
2,603
$1,284 / per month