Olean, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Olean Neighborhoods Since 2000




Olean, NY 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

Olean Housing Market Information

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.

Olean Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$70,434

Olean, NY HOME PRICES

Value Range
> $980,000 0.0
$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

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
95.0837923356381 98.8776655443322

Number Of Homes And Apartments:
6,141

Olean Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
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
20.36% 1.08% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$777 / per month

Homeownership Rate

Homeownership
Owners 51.09
Renters 48.91
Vacant 14.68

Housing Market Details

 

Age of Homes

AGE OF Olean HOMES
2000 or Newer 0.5
1970 - 1999 15.9
1940 - 1969 26.2
1939 or Older 57.3

Types of Homes

TYPE OF Olean HOMES
Single-Family 56.4
Townhomes 2.2
Small Apt. Buildings 27.0
Apt. Complexes 14.0
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Olean HOMES
No Bedroom 4.88
1 Bedroom 15.38
2 Bedrooms 21.74
3 Bedrooms 43.79
4 Bedrooms 12.39
5 or more bedrooms 1.82