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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Falmouth, KY 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Falmouth, KY Housing Market Trends

With a population of 2,197, 996 total housing units (homes and apartments), and a median house value of $145,984, house prices in Falmouth are solidly below the national average.

Single-family detached homes are the single most common housing type in Falmouth, accounting for 74.69% of the city's housing units. Other types of housing that are prevalent in Falmouth include large apartment complexes or high rise apartments ( 11.02%), duplexes, homes converted to apartments or other small apartment buildings ( 7.34%), and a few mobile homes or trailers ( 6.48%).

The most prevalent building size and type in Falmouth are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.15% owning and 52.85% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Falmouth's housing was primarily built during this period, from the '40s through the '60s. A full 51.02% of the city's housing hails from this era. Other housing ages represented in Falmouth include homes built between 1970-1999 ( 22.03%) and housing constructed before 1939 ( 19.53%). There's also some housing in Falmouth built between 2000 and later ( 7.42%).

Vacant housing appears to be an issue in Falmouth. Fully 22.19% of the housing stock is classified as vacant. Left unchecked, vacant Falmouth homes and apartments can be a drag on the real estate market, holding Falmouth 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.

Falmouth Home Appreciation Rates

Appreciation rates for homes in Falmouth have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.78%, which ranks in the top 50% nationwide. This equates to an annual average Falmouth house appreciation rate of 6.56%.

NeighborhoodScout's data show that during the latest twelve months, Falmouth's appreciation rate, at 6.60%, has been at or slightly above the national average. In the latest quarter, Falmouth's appreciation rate has been 0.10%, which annualizes to a rate of 0.40%.

Relative to Kentucky, our data show that Falmouth's latest annual appreciation rate is higher than 80% of the other cities and towns in Kentucky.

Average Home Values

Median Home Value

$145,984

Falmouth, KY Home Prices
> $1,289,000
$967,001 - $1,289,000
$645,001 - $967,000
$516,001 - $645,000
$387,001 - $516,000
$258,001 - $387,000
$129,001 - $258,000
$64,001 - $129,000
$0 - $64,000
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.3%
0.3%
1.6%
1.6%
5.3%
5.3%
45.2%
45.2%
36.6%
36.6%
10.9%
10.9%
0% 100.0%
% of Homes
Low

for Kentucky

Very Low

for nation

Number of Homes And Apartments:

996

Falmouth Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,240 / per month

Homeownership Rate

Owners
Renters
47.2%
47.2%
52.8%
52.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
22.2%
22.2%
77.8%
77.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.4%
7.4%
22.0%
22.0%
51.0%
51.0%
19.5%
19.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.7%
74.7%
0.5%
0.5%
7.3%
7.3%
11.0%
11.0%
6.5%
6.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.0%
3.0%
13.0%
13.0%
28.4%
28.4%
42.4%
42.4%
12.3%
12.3%
0.8%
0.8%
0% 100.0%
% of Homes

Popular Neighborhoods in Falmouth

Zip Codes in Falmouth, KY