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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Elk City, OK Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Elk City, OK Housing Market Trends

With 11,290 people, 4,896 houses or apartments, and a median cost of homes of $231,146, house prices in Elk City are solidly below the national average.

Single-family detached homes are the single most common housing type in Elk City, accounting for 63.62% of the city's housing units. Other types of housing that are prevalent in Elk City include large apartment complexes or high rise apartments ( 14.35%), mobile homes or trailers ( 10.25%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.51%).

The most prevalent building size and type in Elk City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.14% owning and 37.86% renting.

There is a lot of housing in Elk City 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 Elk City built between 1940-1969 ( 26.28%). A lesser amount of the housing stock also hails from between 2000 and later ( 26.05%). There's also some housing in Elk City built before 1939 ( 3.70%).

Vacant housing appears to be an issue in Elk City. Fully 20.44% of the housing stock is classified as vacant. Left unchecked, vacant Elk City homes and apartments can be a drag on the real estate market, holding Elk City 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.

Elk City Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Elk City, where house values have increased just 31.15%, which is annualized rate of 2.75%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Elk City's appreciation rate, at 5.14%, has been at or slightly above the national average. In the latest quarter, Elk City's appreciation rate has been 0.88%, which annualizes to a rate of 3.58%.

Relative to Oklahoma, our data show that Elk City's latest annual appreciation rate is lower than 50% of the other cities and towns in Oklahoma.

Average Home Values

Median Home Value

$231,146

Elk City, OK Home Prices
> $1,299,000
$974,001 - $1,299,000
$649,001 - $974,000
$519,001 - $649,000
$389,001 - $519,000
$260,001 - $389,000
$130,001 - $260,000
$65,001 - $130,000
$0 - $65,000
1.4%
1.4%
2.6%
2.6%
0.4%
0.4%
4.3%
4.3%
5.5%
5.5%
23.4%
23.4%
39.2%
39.2%
15.6%
15.6%
7.7%
7.7%
0% 100.0%
% of Homes
Very High

for Oklahoma

Average

for nation

Number of Homes And Apartments:

4,896

Elk City Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,347 / per month

Homeownership Rate

Owners
Renters
62.1%
62.1%
37.9%
37.9%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
20.4%
20.4%
79.6%
79.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
26.0%
26.0%
44.0%
44.0%
26.3%
26.3%
3.7%
3.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.6%
63.6%
3.8%
3.8%
7.5%
7.5%
14.3%
14.3%
10.3%
10.3%
0.5%
0.5%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.1%
5.1%
7.4%
7.4%
32.0%
32.0%
47.6%
47.6%
7.4%
7.4%
0.5%
0.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Elk City

Zip Codes in Elk City, OK