Opelika appreciation rates and housing market information

Opelika housing market information

With 23,529 people, 10,272 houses or apartments, and a median cost of homes of $146,900, Opelika real estate is some of the most expensive in Alabama, although Opelika home values aren't among America's most expensive.

single-family detached homes are the single most common housing type in Opelika, accounting for 60.04% of the city's housing units. Other types of housing that are prevalent in Opelika include mobile homes or trailers (18.91%), duplexes, homes converted to apartments, or other small apartment buildings (10.96%), large apartment complexes or high rise apartments (8.21%), and a few row houses and other attached homes (1.76%).

The most prevalent building size and type in Opelika are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 57.90% owning, and 31.94% renting.

There is a lot of housing in Opelika built from 1970-1994, 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 Opelika built from 1940-1969 (33.85%). A lesser amount of the housing stock also hails from 1995 and later (11.68%), and some were built from 1939 and earlier (11.68%).

Vacant housing appears to be an issue in Opelika. Fully 10.16% of the housing stock is classified as vacant. Left unchecked, vacant Opelika homes and apartments can be a drag on the real estate market, holding Opelika 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.

Opelika home appreciation rates

Real estate appreciation rates in Opelika have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 8.13% during the period.

NeighborhoodScout's data show that during the latest twelve months, Opelika home appreciation rates, at 2.06%, have been at or slightly above the national average. In the latest quarter, Opelika's appreciation rate has been -1.47%, which annualizes to a rate of -5.88%.

Relative to Alabama, our data show that Opelika's latest annual appreciation rate is higher than 14% of the other cities and towns in Alabama.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Opelika differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Opelika - 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 1990, to assist you in making the best Opelika real estate investment or home purchase decisions.