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 21,003, 8,450 total housing units (homes and apartments), and a median house value of $424,769, Montrose real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Montrose, accounting for 67.94% of the city's housing units. Other types of housing that are prevalent in Montrose include mobile homes or trailers ( 9.47%), large apartment complexes or high rise apartments ( 8.97%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.84%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Montrose. Owner-occupied housing accounts for 69.73% of Montrose's homes, and 63.98% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Montrose 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 Montrose built between 2000 and later ( 34.93%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.65%). There's also some housing in Montrose built before 1939 ( 8.38%).
Vacant housing appears to be an issue in Montrose. Fully 10.23% of the housing stock is classified as vacant. Left unchecked, vacant Montrose homes and apartments can be a drag on the real estate market, holding Montrose 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, Montrose has experienced some of the highest home appreciation rates of any community in the nation. Montrose real estate appreciated 133.64% over the last ten years, which is an average annual home appreciation rate of 8.86%, putting Montrose in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Montrose definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Montrose appreciation rates have trailed the rest of the nation. In the last twelve months, Montrose's appreciation rate has been 3.39%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Montrose were at -0.63%, which equates to an annual appreciation rate of -2.49%.
Notably, Montrose's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Colorado, our data show that Montrose's latest annual appreciation rate is higher than 50% of the other cities and towns in Colorado.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Montrose differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Montrose - 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 Montrose real estate investment or home purchase decisions.
$424,769
for Colorado
for nation
8,450
$1,855 / per month