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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.



Independence, MO 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

Independence, MO Housing Market Trends

With 121,202 people, 51,251 houses or apartments, and a median cost of homes of $197,446, house prices in Independence are solidly below the national average.

Single-family detached homes are the single most common housing type in Independence, accounting for 71.89% of the city's housing units. Other types of housing that are prevalent in Independence include large apartment complexes or high rise apartments ( 14.93%), duplexes, homes converted to apartments or other small apartment buildings ( 5.19%), and a few row houses and other attached homes ( 5.15%).

The most prevalent building size and type in Independence are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.81% owning and 40.19% 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. Independence's housing was primarily built during this period, from the '40s through the '60s. A full 42.17% of the city's housing hails from this era. Other housing ages represented in Independence include homes built between 1970-1999 ( 35.00%) and housing constructed before 1939 ( 13.21%). There's also some housing in Independence built between 2000 and later ( 9.62%).

Independence Home Appreciation Rates

In the last 10 years, Independence has experienced some of the highest home appreciation rates of any community in the nation. Independence real estate appreciated 112.85% over the last ten years, which is an average annual home appreciation rate of 7.85%, putting Independence in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Independence definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Independence's appreciation rate, at 6.31%, has been at or slightly above the national average. In the latest quarter, Independence's appreciation rate has been -0.75%, which annualizes to a rate of -2.96%.

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

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

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Independence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Independence - 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 Independence real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$197,446

Independence, MO Home Prices
> $1,358,000
$1,019,001 - $1,358,000
$679,001 - $1,019,000
$543,001 - $679,000
$407,001 - $543,000
$272,001 - $407,000
$136,001 - $272,000
$68,001 - $136,000
$0 - $68,000
0.2%
0.2%
0.2%
0.2%
0.8%
0.8%
2.2%
2.2%
5.2%
5.2%
17.2%
17.2%
50.3%
50.3%
18.9%
18.9%
5.0%
5.0%
0% 100.0%
% of Homes
Low

for Missouri

Low

for nation

Number of Homes And Apartments:

51,251

Independence Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,607 / per month

Homeownership Rate

Owners
Renters
59.8%
59.8%
40.2%
40.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.3%
8.3%
91.7%
91.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.6%
9.6%
35.0%
35.0%
42.2%
42.2%
13.2%
13.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.9%
71.9%
5.1%
5.1%
5.2%
5.2%
14.9%
14.9%
2.7%
2.7%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.5%
1.5%
10.9%
10.9%
29.4%
29.4%
43.4%
43.4%
12.3%
12.3%
2.5%
2.5%
0% 100.0%
% of Homes