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 4,565 people, 1,975 houses or apartments, and a median cost of homes of $491,702, Prospect real estate is some of the most expensive in Kentucky, although Prospect home values aren't among America's most expensive.
Prospect is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Prospect than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prospect. Owner-occupied housing accounts for 94.89% of Prospect's homes, and 69.63% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Prospect 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 Prospect built between 2000 and later ( 11.15%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.01%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Prospect, where house values have increased just 52.38%, which is annualized rate of 4.30%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Prospect appreciation rates have trailed the rest of the nation. In the last twelve months, Prospect's appreciation rate has been 3.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prospect were at 0.92%, which equates to an annual appreciation rate of 3.75%.
Relative to Kentucky, our data show that Prospect's latest annual appreciation rate is lower than 80% of the other cities and towns in Kentucky.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Prospect differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Prospect - 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 Prospect real estate investment or home purchase decisions.
$491,702
for Kentucky
for nation
1,975
$1,948 / per month