Opa-locka, FL 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Opa-locka, FL Housing Market Trends

With 15,887 people, 5,916 houses or apartments, and a median cost of homes of $236,056, Opa-locka real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Opa-locka, accounting for 47.49% of the city's housing units. Other types of housing that are prevalent in Opa-locka include single-family detached homes ( 37.65%), duplexes, homes converted to apartments or other small apartment buildings ( 11.44%), and a few row houses and other attached homes ( 3.42%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Opa-locka is dominated by renter-occupied one, two, or no bedrooms apartments. 69.08% 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 60.06% of the city's housing hails from this era. Other housing ages represented in Opa-locka include homes built between 1970-1999 ( 24.97%) and housing constructed between 2000 and later ( 12.14%). There's also some housing in Opa-locka built before 1939 ( 2.83%).

Opa-locka Home Appreciation Rates

In the last 10 years, Opa-locka has experienced some of the highest home appreciation rates of any community in the nation. Opa-locka real estate appreciated 117.63% over the last ten years, which is an average annual home appreciation rate of 8.09%, putting Opa-locka in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Opa-locka 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, Opa-locka's appreciation rate, at 10.22%, has been at or slightly above the national average. In the latest quarter, Opa-locka's appreciation rate has been 3.40%, which annualizes to a rate of 14.32%.

Relative to Florida, our data show that Opa-locka's latest annual appreciation rate is lower than 50% 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:
$236,056

Opa-locka, FL HOME PRICES

> $1,423,000
0.2%
0.2%
$1,067,001 - $1,423,000
0.3%
0.3%
$711,001 - $1,067,000
0.6%
0.6%
$569,001 - $711,000
0.3%
0.3%
$427,001 - $569,000
4.0%
4.0%
$285,001 - $427,000
21.2%
21.2%
$142,001 - $285,000
51.0%
51.0%
$71,001 - $142,000
21.7%
21.7%
$0 - $71,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for FL

Value Relative To Nation

Number Of Homes And Apartments:
5,916

Opa-locka Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
202.76% 5.29%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,480 / per month

Homeownership Rate

Owners
30.9%
30.9%
Renters
69.1%
69.1%
Vacant
8.9%
8.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.1%
12.1%
1970 - 1999
25.0%
25.0%
1940 - 1969
60.1%
60.1%
1939 or Older
2.8%
2.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
37.6%
37.6%
Townhomes
3.4%
3.4%
Small Apt. Buildings
11.4%
11.4%
Apt. Complexes
47.5%
47.5%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.6%
3.6%
1 Bedroom
25.8%
25.8%
2 Bedrooms
40.0%
40.0%
3 Bedrooms
28.0%
28.0%
4 Bedrooms
1.9%
1.9%
5 or more bedrooms
0.8%
0.8%
0.0% 100.0%
% OF HOMES