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
With 13,870 people, 6,141 houses or apartments, and a median cost of homes of $70,434, house prices in Olean are some of the most affordable in New York as well as the nation.
Single-family detached homes are the single most common housing type in Olean, accounting for 56.40% of the city's housing units. Other types of housing that are prevalent in Olean include duplexes, homes converted to apartments or other small apartment buildings ( 26.99%), large apartment complexes or high rise apartments ( 13.98%), and a few row houses and other attached homes ( 2.18%).
The most prevalent building size and type in Olean are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.09% owning and 48.91% renting.
The housing in Olean was primarily built before 1939 ( 57.32%), making the housing stock in Olean some of the oldest overall in America, although there is a range of ages of homes in Olean. The next most important housing age is between 1940-1969 ( 26.22%), followed by between 1970-1999 ( 15.93%).
Vacant housing appears to be an issue in Olean. Fully 14.68% of the housing stock is classified as vacant. Left unchecked, vacant Olean homes and apartments can be a drag on the real estate market, holding Olean 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.
Real estate appreciation rates in Olean's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.61% during the period.
Over the last year, Olean appreciation rates have trailed the rest of the nation. In the last twelve months, Olean's appreciation rate has been -2.29%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Olean were at -0.56%, which equates to an annual appreciation rate of -2.23%.
Notably, Olean's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Olean's latest annual appreciation rate is lower than 90% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Olean differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Olean - 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 Olean real estate investment or home purchase decisions.
|$735,001 - $980,000||0.0|
|$490,001 - $735,000||0.1|
|$392,001 - $490,000||0.5|
|$294,001 - $392,000||0.9|
|$196,001 - $294,000||3.6|
|$98,001 - $196,000||21.0|
|$49,001 - $98,000||55.5|
|$0 - $49,000||18.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Olean HOMES|
|2000 or Newer||0.5|
|1970 - 1999||15.9|
|1940 - 1969||26.2|
|1939 or Older||57.3|
|TYPE OF Olean HOMES|
|Small Apt. Buildings||27.0|
|SIZE OF Olean HOMES|
|5 or more bedrooms||1.82|