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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 35,820, 11,899 total housing units (homes and apartments), and a median house value of $663,519, Olney house prices are not only among the most expensive in Maryland, Olney real estate also is some of the most expensive in all of America.
Olney is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Olney than is found in 98% of the communities in America.
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Olney. Owner-occupied housing accounts for 88.92% of Olney's homes, and 75.18% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Olney 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 Olney built between 2000 and later ( 13.98%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.56%). There's also some housing in Olney built before 1939 ( 1.44%).
Olney's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Olney during the period has been just 3.56%, which is lower than 80% of US communities.
Over the last year, Olney appreciation rates have trailed the rest of the nation. In the last twelve months, Olney's appreciation rate has been 2.73%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Olney were at -2.60%, which equates to an annual appreciation rate of -10.00%.
Notably, Olney's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Maryland, our data show that Olney's latest annual appreciation rate is lower than 50% of the other cities and towns in Maryland.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Olney differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Olney - 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 Olney real estate investment or home purchase decisions.
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