Homer, AK Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Homer, AK Housing Market Trends

With 5,922 people, 2,261 houses or apartments, and a median cost of homes of $285,220, Homer real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Homer, accounting for 66.52% of the city's housing units. Other types of housing that are prevalent in Homer include duplexes, homes converted to apartments or other small apartment buildings ( 16.16%), large apartment complexes or high rise apartments ( 10.17%), and a few mobile homes or trailers ( 3.84%).

People in Homer primarily live in small (one, two or no bedroom) single-family detached homes. Homer has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Homer 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 Homer built between 2000 and later ( 26.13%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.65%).

Vacant housing appears to be an issue in Homer. Fully 23.07% of the housing stock is classified as vacant. Left unchecked, vacant Homer homes and apartments can be a drag on the real estate market, holding Homer 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.

Homer Home Appreciation Rates

Homer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Homer during the period has been just 1.59%, which is lower than 80% of US communities.

Over the last year, Homer appreciation rates have trailed the rest of the nation. In the last twelve months, Homer's appreciation rate has been 1.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Homer were at -0.22%, which equates to an annual appreciation rate of -0.89%.

Notably, Homer's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alaska, our data show that Homer's latest annual appreciation rate is lower than 90% of the other cities and towns in Alaska.

Average Home Values

 

Median Home Value:
$285,220

Homer, AK HOME PRICES

> $1,064,000
1.2%
1.2%
$797,001 - $1,064,000
1.7%
1.7%
$532,001 - $797,000
5.3%
5.3%
$426,001 - $532,000
10.1%
10.1%
$319,001 - $426,000
23.7%
23.7%
$212,001 - $319,000
34.5%
34.5%
$107,001 - $212,000
17.7%
17.7%
$53,001 - $107,000
3.6%
3.6%
$0 - $53,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for AK

Value Relative To Nation

Number Of Homes And Apartments:
2,261

Homer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AK*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
78.24% 2.76%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,392 / per month

Homeownership Rate

Owners
61.0%
61.0%
Renters
39.0%
39.0%
Vacant
23.1%
23.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
26.1%
26.1%
1970 - 1999
62.9%
62.9%
1940 - 1969
10.6%
10.6%
1939 or Older
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.5%
66.5%
Townhomes
3.2%
3.2%
Small Apt. Buildings
16.2%
16.2%
Apt. Complexes
10.2%
10.2%
Mobile Homes
3.8%
3.8%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.7%
4.7%
1 Bedroom
16.1%
16.1%
2 Bedrooms
32.4%
32.4%
3 Bedrooms
33.6%
33.6%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
2.3%
2.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Homer

Popular Communities Near Homer, AK

Zip Codes in Homer, AK