Red Oak, IA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Red Oak, IA 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

Red Oak Housing Market Information

With 5,472 people, 2,503 houses or apartments, and a median cost of homes of $51,435, house prices in Red Oak are some of the most affordable in Iowa as well as the nation.

Single-family detached homes are the single most common housing type in Red Oak, accounting for 77.53% of the city's housing units. Other types of housing that are prevalent in Red Oak include duplexes, homes converted to apartments or other small apartment buildings ( 10.67%), large apartment complexes or high rise apartments ( 5.28%), and a few mobile homes or trailers ( 4.63%).

The most prevalent building size and type in Red Oak are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.98% owning and 39.02% renting.

The housing in Red Oak was primarily built before 1939 ( 38.66%), making the housing stock in Red Oak some of the oldest overall in America, although there is a range of ages of homes in Red Oak. The next most important housing age is between 1970-1999 ( 30.31%), followed by between 1940-1969 ( 29.96%). There's also some housing in Red Oak built between 2000 and later ( 1.07%).

Vacant housing appears to be an issue in Red Oak. Fully 13.60% of the housing stock is classified as vacant. Left unchecked, vacant Red Oak homes and apartments can be a drag on the real estate market, holding Red Oak 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.

Red Oak Home Appreciation Rates

Appreciation rates for homes in Red Oak have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.42%, which ranks in the top 50% nationwide. This equates to an annual average Red Oak house appreciation rate of 0.14%.

Over the last year, Red Oak appreciation rates have trailed the rest of the nation. In the last twelve months, Red Oak's appreciation rate has been -4.79%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Red Oak were at 0.99%, which equates to an annual appreciation rate of 4.00%.

Relative to Iowa, our data show that Red Oak's latest annual appreciation rate is lower than 90% of the other cities and towns in Iowa.

Average Home Values

 

Median Home Value:
$51,435

Red Oak, IA HOME PRICES

Value Range
> $1,013,000 0.0
$759,001 - $1,013,000 0.0
$506,001 - $759,000 0.0
$405,001 - $506,000 1.1
$304,001 - $405,000 0.9
$203,001 - $304,000 1.9
$101,001 - $203,000 22.9
$51,001 - $101,000 41.0
$0 - $51,000 32.2

Very Low for IA
Very Low for Nation

Value Relative to Nation Value Relative to State
99.1972342669635 100.0

Number Of Homes And Apartments:
2,503

Red Oak Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IA*
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
8.93% 0.50% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$776 / per month

Homeownership Rate

Homeownership
Owners 60.98
Renters 39.02
Vacant 13.60

Housing Market Details

 

Age of Homes

AGE OF Red Oak HOMES
2000 or Newer 1.1
1970 - 1999 30.3
1940 - 1969 30.0
1939 or Older 38.7

Types of Homes

TYPE OF Red Oak HOMES
Single-Family 77.5
Townhomes 1.9
Small Apt. Buildings 10.7
Apt. Complexes 5.3
Mobile Homes 4.6
Other 0.0

Home Size

SIZE OF Red Oak HOMES
No Bedroom 2.45
1 Bedroom 7.21
2 Bedrooms 33.62
3 Bedrooms 43.53
4 Bedrooms 10.32
5 or more bedrooms 2.87

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Zip Codes in Red Oak, IA