Opelika, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Opelika, AL Real Estate Data

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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Opelika Housing Market Information

With 29,527 people, 11,276 houses or apartments, and a median cost of homes of $148,345, Opelika real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Opelika, accounting for 64.82% of the city's housing units. Other types of housing that are prevalent in Opelika include mobile homes or trailers ( 14.00%), large apartment complexes or high rise apartments ( 11.91%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.82%).

The most prevalent building size and type in Opelika are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.15% owning and 42.85% renting.

There is a lot of housing in Opelika 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 Opelika built between 2000 and later ( 25.35%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.91%). There's also some housing in Opelika built before 1939 ( 7.47%).

Vacant housing appears to be an issue in Opelika. Fully 12.99% 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's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.36% during the period.

Appreciation rates are so strong in Opelika that despite a nationwide downturn in the housing market, Opelika real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Opelika appreciation rates continue to be some of the highest in America, at 7.36%, which is higher than appreciation rates in 78.31% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Opelika. Opelika appreciation rates in the latest quarter were at 1.67%, which equates to an annual appreciation rate of 6.85%.

Relative to Alabama, our data show that Opelika's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Opelika real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$148,345

Opelika, AL HOME PRICES

Value Range
> $1,129,000 0.7
$847,001 - $1,129,000 0.2
$565,001 - $847,000 2.7
$452,001 - $565,000 2.4
$339,001 - $452,000 4.4
$226,001 - $339,000 15.7
$113,001 - $226,000 42.2
$56,001 - $113,000 15.5
$0 - $56,000 16.3

Very High for AL
Average for Nation

Value Relative to Nation Value Relative to State
52.145910182095 18.25

Number Of Homes And Apartments:
11,276

Opelika Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
37.16% 1.82% 7 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$979 / per month

Homeownership Rate

Homeownership
Owners 57.15
Renters 42.85
Vacant 12.99

Housing Market Details

 

Age of Homes

AGE OF Opelika HOMES
2000 or Newer 25.3
1970 - 1999 44.3
1940 - 1969 22.9
1939 or Older 7.5

Types of Homes

TYPE OF Opelika HOMES
Single-Family 64.8
Townhomes 2.4
Small Apt. Buildings 6.8
Apt. Complexes 11.9
Mobile Homes 14.0
Other 0.0

Home Size

SIZE OF Opelika HOMES
No Bedroom 2.54
1 Bedroom 5.10
2 Bedrooms 24.98
3 Bedrooms 49.41
4 Bedrooms 15.09
5 or more bedrooms 2.89