Oak Island, NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Oak Island, NC Real Estate Data


Oak Island Housing Market Information

With a population of 7,507, 3,375 total housing units (homes and apartments), and a median house value of $261,928, Oak Island real estate is some of the most expensive in North Carolina, although Oak Island home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Oak Island, accounting for 82.29% of the town's housing units. Other types of housing that are prevalent in Oak Island include mobile homes or trailers ( 6.17%), large apartment complexes or high rise apartments ( 4.66%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.77%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Oak Island. Owner-occupied housing accounts for 68.39% of Oak Island's homes, and 69.63% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Oak Island 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 Oak Island built between 2000 and later ( 32.42%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.16%).

A decent proportion of the Oak Island housing stock is seasonally occupied. That is, homes and condos in Oak Island 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 Oak Island housing market speaks to its popularity as a vacation location of choice.

Oak Island Home Appreciation Rates

Homes have actually lost value in Oak Island over the last then years, as home values have seen a decline of 28.30% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Oak Island home appreciation rates at 0.34%, which equates to an annual appreciation rate of 1.35%.

Over the last year, Oak Island appreciation rates have trailed the rest of the nation. In the last twelve months, Oak Island's appreciation rate has been 2.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Oak Island were at 0.34%, which equates to an annual appreciation rate of 1.35%.

Relative to North Carolina, our data show that Oak Island's latest annual appreciation rate is lower than 60% of the other cities and towns in North Carolina.

Average Home Values

 

Median Home Value:
$261,928

Oak Island, NC HOME PRICES

Value Range
> $1,090,000 0.5
$817,001 - $1,090,000 2.7
$545,001 - $817,000 11.9
$436,001 - $545,000 8.7
$327,001 - $436,000 17.0
$218,001 - $327,000 29.7
$109,001 - $218,000 23.3
$54,001 - $109,000 4.8
$0 - $54,000 0.8

Very High for NC
High for Nation

Value Relative to Nation Value Relative to State
20.5437712410641 12.3411978221416

Number Of Homes And Apartments:
3,375

Rent & Ownership

 

Average Market Rent:
$1,105 / per month

Homeownership Rate

Homeownership
Owners 68.39
Renters 31.61
Vacant 61.35

Housing Market Details

 

Age of Homes

AGE OF Oak Island HOMES
2000 or Newer 32.4
1970 - 1999 53.3
1940 - 1969 14.2
1939 or Older 0.2

Types of Homes

TYPE OF Oak Island HOMES
Single-Family 82.3
Townhomes 3.1
Small Apt. Buildings 3.8
Apt. Complexes 4.7
Mobile Homes 6.2
Other 0.0

Home Size

SIZE OF Oak Island HOMES
No Bedroom 0.40
1 Bedroom 1.89
2 Bedrooms 24.30
3 Bedrooms 53.85
4 Bedrooms 15.78
5 or more bedrooms 3.78

Oak Island Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
58.18% 2.69% 9 7
* 10 is highest

Popular Neighborhoods in Oak Island

Zip Codes in Oak Island, NC