Opp appreciation rates and housing market information

Opp housing market information

With 6,588 people, 3,212 houses or apartments, and a median cost of homes of $98,400,

single-family detached homes are the single most common housing type in Opp, accounting for 76.49% of the city's housing units. Other types of housing that are prevalent in Opp include mobile homes or trailers (9.59%), duplexes, homes converted to apartments, or other small apartment buildings (7.47%), large apartment complexes or high rise apartments (4.61%), and a few row houses and other attached homes (1.84%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Opp. Owner-occupied housing accounts for 61.05% of Opp's homes, and 60.50% have either three or four bedrooms, which is average sized relative to America.

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. Opp's housing was primarily built during this period, from the '40s through the '60s. A full 44.55% of the city's housing hails from this era. Other housing ages represented in Opp include homes built between 1970-1994 (39.04%), and housing constructed from 1939 and earlier (10.84%). There's also some housing in Opp built between 1995 and later (5.57%).

Vacant housing appears to be an issue in Opp. Fully 13.73% of the housing stock is classified as vacant. Left unchecked, vacant Opp homes and apartments can be a drag on the real estate market, holding Opp 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.

Opp home appreciation rates

Real estate appreciation rates in Opp have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 8.62% during the period.

Appreciation rates are so strong in Opp that despite a nationwide downturn in the housing market, Opp real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Opp appreciation rates continue to be some of the highest in America, at 5.63%, which is higher than appreciation rates in 83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Opp. Opp appreciation rates in the latest quarter were at 0.77%, which equates to an annual appreciation rate of 3.08%.

Relative to Alabama, our data show that Opp's latest annual appreciation rate is higher than 64% 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 Opp differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Opp - 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 Opp real estate investment or home purchase decisions.