Old Orchard Beach, ME
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Old Orchard Beach, ME 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

Old Orchard Beach Housing Market Information

With 8,776 people, 4,265 houses or apartments, and a median cost of homes of $211,574, Old Orchard Beach real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Old Orchard Beach, accounting for 40.81% of the town's housing units. Other types of housing that are prevalent in Old Orchard Beach include large apartment complexes or high rise apartments ( 22.22%), duplexes, homes converted to apartments or other small apartment buildings ( 17.82%), and a few mobile homes or trailers ( 11.43%).

People in Old Orchard Beach primarily live in small (one, two or no bedroom) single-family detached homes. Old Orchard Beach has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Old Orchard Beach 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 Old Orchard Beach built before 1939 ( 25.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.01%). There's also some housing in Old Orchard Beach built between 2000 and later ( 14.52%).

A decent proportion of the Old Orchard Beach housing stock is seasonally occupied. That is, homes and condos in Old Orchard Beach are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Old Orchard Beach housing market speaks to its popularity as a vacation location of choice.

Old Orchard Beach Home Appreciation Rates

Real estate appreciation rates in Old Orchard Beach's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.37% during the period.

Appreciation rates are so strong in Old Orchard Beach that despite a nationwide downturn in the housing market, Old Orchard Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Old Orchard Beach appreciation rates continue to be some of the highest in America, at 6.73%, which is higher than appreciation rates in 79.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Old Orchard Beach. Old Orchard Beach appreciation rates in the latest quarter were at 0.64%, which equates to an annual appreciation rate of 2.56%.

Relative to Maine, our data show that Old Orchard Beach's latest annual appreciation rate is higher than 90% of the other cities and towns in Maine.

Average Home Values

 

Median Home Value:
$211,574

Old Orchard Beach, ME HOME PRICES

Value Range
> $1,144,000 1.3
$858,001 - $1,144,000 1.0
$572,001 - $858,000 2.4
$458,001 - $572,000 3.6
$343,001 - $458,000 12.6
$229,001 - $343,000 26.9
$115,001 - $229,000 33.9
$57,001 - $115,000 7.6
$0 - $57,000 10.6

High for ME
High for Nation

Value Relative to Nation Value Relative to State
29.5499824211883 27.4590163934426

Number Of Homes And Apartments:
4,265

Old Orchard Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ME*
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
77.92% 3.40% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,099 / per month

Homeownership Rate

Homeownership
Owners 58.62
Renters 41.38
Vacant 34.48

Housing Market Details

 

Age of Homes

AGE OF Old Orchard Beach HOMES
2000 or Newer 14.5
1970 - 1999 41.7
1940 - 1969 18.0
1939 or Older 25.7

Types of Homes

TYPE OF Old Orchard Beach HOMES
Single-Family 40.8
Townhomes 7.2
Small Apt. Buildings 17.8
Apt. Complexes 22.2
Mobile Homes 11.4
Other 0.5

Home Size

SIZE OF Old Orchard Beach HOMES
No Bedroom 1.12
1 Bedroom 13.75
2 Bedrooms 43.66
3 Bedrooms 24.90
4 Bedrooms 14.06
5 or more bedrooms 2.50

Popular Neighborhoods in Old Orchard Beach

Zip Codes in Old Orchard Beach, ME