Opa-locka, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Opa-locka Neighborhoods Since 2000




Opa-locka, FL 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 Q1 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

Opa-locka Housing Market Information

With a population of 16,565, 5,247 total housing units (homes and apartments), and a median house value of $141,629, Opa-locka 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 Opa-locka, accounting for 40.64% of the city's housing units. Other types of housing that are prevalent in Opa-locka include large apartment complexes or high rise apartments ( 39.34%), duplexes, homes converted to apartments or other small apartment buildings ( 11.23%), and a few row houses and other attached homes ( 8.11%).

Opa-locka is dominated by renter-occupied one, two, or no bedrooms apartments. 67.27% of Opa-locka's dwellings are rentals.

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. Opa-locka's housing was primarily built during this period, from the '40s through the '60s. A full 66.07% of the city's housing hails from this era. Other housing ages represented in Opa-locka include homes built between 1970-1999 ( 29.50%) and housing constructed between 2000 and later ( 3.32%). There's also some housing in Opa-locka built before 1939 ( 1.10%).

Vacant housing appears to be an issue in Opa-locka. Fully 18.49% of the housing stock is classified as vacant. Left unchecked, vacant Opa-locka homes and apartments can be a drag on the real estate market, holding Opa-locka 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.

Opa-locka Home Appreciation Rates

Homes have actually lost value in Opa-locka over the last then years, as home values have seen a decline of 22.55% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Opa-locka home appreciation rates at 1.80%, which equates to an annual appreciation rate of 7.39%.

Appreciation rates are so strong in Opa-locka that despite a nationwide downturn in the housing market, Opa-locka real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Opa-locka appreciation rates continue to be some of the highest in America, at 17.19%, which is higher than appreciation rates in 99.66% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Opa-locka. Opa-locka appreciation rates in the latest quarter were at 1.80%, which equates to an annual appreciation rate of 7.39%.

Importantly, this makes Opa-locka one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Florida, our data show that Opa-locka's latest annual appreciation rate is higher than 90% of the other cities and towns in Florida.

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

Average Home Values

 

Median Home Value:
$141,629

Opa-locka, FL HOME PRICES

Value Range
> $1,361,000 0.0
$1,021,001 - $1,361,000 0.3
$680,001 - $1,021,000 1.3
$544,001 - $680,000 0.0
$408,001 - $544,000 0.3
$272,001 - $408,000 5.7
$136,001 - $272,000 42.7
$68,001 - $136,000 40.8
$0 - $68,000 9.0

Low for FL
Average for Nation

Value Relative to Nation Value Relative to State
54.0489862885269 67.948717948718

Number Of Homes And Apartments:
5,247

Opa-locka Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
83.24% 3.57% 7 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,076 / per month

Homeownership Rate

Homeownership
Owners 32.73
Renters 67.27
Vacant 18.49

Housing Market Details

 

Age of Homes

AGE OF Opa-locka HOMES
2000 or Newer 3.3
1970 - 1999 29.5
1940 - 1969 66.1
1939 or Older 1.1

Types of Homes

TYPE OF Opa-locka HOMES
Single-Family 40.6
Townhomes 8.1
Small Apt. Buildings 11.2
Apt. Complexes 39.3
Mobile Homes 0.7
Other 0.0

Home Size

SIZE OF Opa-locka HOMES
No Bedroom 4.27
1 Bedroom 26.60
2 Bedrooms 39.23
3 Bedrooms 21.21
4 Bedrooms 6.77
5 or more bedrooms 1.93