Independence, 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 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

Independence, KY Housing Market Trends

With a population of 28,521, 9,434 total housing units (homes and apartments), and a median house value of $213,871, Independence real estate is some of the most expensive in Kentucky, although Independence home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Independence, accounting for 81.73% of the city's housing units. Other types of housing that are prevalent in Independence include large apartment complexes or high rise apartments ( 11.53%), duplexes, homes converted to apartments or other small apartment buildings ( 4.17%), and a few row houses and other attached homes ( 1.72%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Independence. Owner-occupied housing accounts for 79.48% of Independence's homes, and 75.89% have either three or four bedrooms, which is average sized relative to America.

Independence homes and real estate are some of the newest in America. 45.64% of Independence's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Independence real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 40.85%), and between 1940-1969 ( 11.60%). There's also some housing in Independence built before 1939 ( 1.92%).

Independence Home Appreciation Rates

Real estate appreciation rates in Independence's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.07% during the period.

NeighborhoodScout's data show that during the latest twelve months, Independence's appreciation rate, at 6.77%, has been at or slightly above the national average. In the latest quarter, Independence's appreciation rate has been 1.80%, which annualizes to a rate of 7.40%.

Relative to Kentucky, our data show that Independence's latest annual appreciation rate is lower than 60% of the other cities and towns in Kentucky.

Average Home Values

 

Median Home Value:
$213,871

Independence, KY HOME PRICES

> $1,213,000
0.1%
0.1%
$910,001 - $1,213,000
0.5%
0.5%
$606,001 - $910,000
0.1%
0.1%
$485,001 - $606,000
0.5%
0.5%
$363,001 - $485,000
4.9%
4.9%
$242,001 - $363,000
22.8%
22.8%
$121,001 - $242,000
57.9%
57.9%
$60,001 - $121,000
10.1%
10.1%
$0 - $60,000
3.2%
3.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for KY

Value Relative To Nation

Number Of Homes And Apartments:
9,434

Independence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
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
46.95% 1.83%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,452 / per month

Homeownership Rate

Owners
79.5%
79.5%
Renters
20.5%
20.5%
Vacant
4.4%
4.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
45.6%
45.6%
1970 - 1999
40.8%
40.8%
1940 - 1969
11.6%
11.6%
1939 or Older
1.9%
1.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
81.7%
81.7%
Townhomes
1.7%
1.7%
Small Apt. Buildings
4.2%
4.2%
Apt. Complexes
11.5%
11.5%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.7%
0.7%
1 Bedroom
3.4%
3.4%
2 Bedrooms
16.4%
16.4%
3 Bedrooms
53.5%
53.5%
4 Bedrooms
22.4%
22.4%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES