Ocean Springs, MS
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ocean Springs, MS 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

Ocean Springs Housing Market Information

With a population of 17,636, 6,417 total housing units (homes and apartments), and a median house value of $171,368, Ocean Springs real estate is some of the most expensive in Mississippi, although Ocean Springs home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Ocean Springs, accounting for 78.95% of the city's housing units. Other types of housing that are prevalent in Ocean Springs include large apartment complexes or high rise apartments ( 10.50%), duplexes, homes converted to apartments or other small apartment buildings ( 4.59%), and a few mobile homes or trailers ( 4.30%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ocean Springs. Owner-occupied housing accounts for 71.17% of Ocean Springs's homes, and 77.10% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Ocean Springs 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 Ocean Springs built between 1940-1969 ( 24.50%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.65%). There's also some housing in Ocean Springs built before 1939 ( 3.50%).

Vacant housing appears to be an issue in Ocean Springs. Fully 15.84% of the housing stock is classified as vacant. Left unchecked, vacant Ocean Springs homes and apartments can be a drag on the real estate market, holding Ocean Springs 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.

Ocean Springs Home Appreciation Rates

Homes have actually lost value in Ocean Springs over the last then years, as home values have seen a decline of 19.30% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Ocean Springs home appreciation rates at -1.05%, which equates to an annual appreciation rate of -4.15%.

Over the last year, Ocean Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Ocean Springs's appreciation rate has been 0.47%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ocean Springs were at -1.05%, which equates to an annual appreciation rate of -4.15%.

Notably, Ocean Springs's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$171,368

Ocean Springs, MS HOME PRICES

Value Range
> $1,065,000 1.2
$799,001 - $1,065,000 1.2
$533,001 - $799,000 2.8
$426,001 - $533,000 3.8
$319,001 - $426,000 6.8
$213,001 - $319,000 16.1
$107,001 - $213,000 45.3
$53,001 - $107,000 16.2
$0 - $53,000 6.6

Very High for MS
Average for Nation

Value Relative to Nation Value Relative to State
41.146138521036 4.48979591836735

Number Of Homes And Apartments:
6,417

Ocean Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MS*
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
23.56% 1.23% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,135 / per month

Homeownership Rate

Homeownership
Owners 71.17
Renters 28.83
Vacant 15.84

Housing Market Details

 

Age of Homes

AGE OF Ocean Springs HOMES
2000 or Newer 19.6
1970 - 1999 52.4
1940 - 1969 24.5
1939 or Older 3.5

Types of Homes

TYPE OF Ocean Springs HOMES
Single-Family 79.0
Townhomes 1.5
Small Apt. Buildings 4.6
Apt. Complexes 10.5
Mobile Homes 4.3
Other 0.2

Home Size

SIZE OF Ocean Springs HOMES
No Bedroom 0.59
1 Bedroom 7.30
2 Bedrooms 11.82
3 Bedrooms 56.01
4 Bedrooms 21.09
5 or more bedrooms 3.19

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Zip Codes in Ocean Springs, MS