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 4,036, 1,662 total housing units (homes and apartments), and a median house value of $175,393, house prices in Mount Olive are solidly below the national average.
Single-family detached homes are the single most common housing type in Mount Olive, accounting for 70.31% of the town's housing units. Other types of housing that are prevalent in Mount Olive include mobile homes or trailers ( 18.02%), duplexes, homes converted to apartments or other small apartment buildings ( 7.18%), and a few large apartment complexes or high rise apartments ( 3.05%).
The most prevalent building size and type in Mount Olive are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 46.93% owning and 53.07% renting.
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. Mount Olive's housing was primarily built during this period, from the '40s through the '60s. A full 39.65% of the town's housing hails from this era. Other housing ages represented in Mount Olive include homes built between 1970-1999 ( 34.33%) and housing constructed before 1939 ( 19.31%). There's also some housing in Mount Olive built between 2000 and later ( 6.71%).
Vacant housing appears to be an issue in Mount Olive. Fully 14.20% of the housing stock is classified as vacant. Left unchecked, vacant Mount Olive homes and apartments can be a drag on the real estate market, holding Mount Olive 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.
Mount Olive's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mount Olive during the period has been just 4.22%, which is lower than 80% of US communities.
Appreciation rates are so strong in Mount Olive that despite a nationwide downturn in the housing market, Mount Olive real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mount Olive appreciation rates continue to be some of the highest in America, at 16.41%, which is higher than appreciation rates in 85.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mount Olive. Mount Olive appreciation rates in the latest quarter were at -1.33%, which equates to an annual appreciation rate of -5.22%.
Notably, Mount Olive's appreciation rate in the latest quarter is one of the lowest in America.
Relative to North Carolina, our data show that Mount Olive's latest annual appreciation rate is lower than 70% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Mount Olive differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mount Olive - 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 Mount Olive real estate investment or home purchase decisions.
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