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 a population of 12,717, 4,209 total housing units (homes and apartments), and a median house value of $149,438, Elk City real estate is some of the most expensive in Oklahoma, although Elk City home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Elk City, accounting for 72.37% of the city's housing units. Other types of housing that are prevalent in Elk City include duplexes, homes converted to apartments or other small apartment buildings ( 9.60%), mobile homes or trailers ( 6.76%), and a few large apartment complexes or high rise apartments ( 6.22%).
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 61.39% owning and 38.61% 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 ( 25.57%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.32%). There's also some housing in Elk City built before 1939 ( 11.47%).
Vacant housing appears to be an issue in Elk City. Fully 24.58% 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.
In the last 10 years, Elk City has experienced some of the highest home appreciation rates of any community in the nation. Elk City real estate appreciated 15.53% over the last ten years, which is an average annual home appreciation rate of 1.45%, putting Elk City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Elk City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Elk City appreciation rates have trailed the rest of the nation. In the last twelve months, Elk City's appreciation rate has been 0.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elk City were at 2.06%, which equates to an annual appreciation rate of 8.51%.
Importantly, this makes Elk City one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oklahoma, our data show that Elk City's latest annual appreciation rate is lower than 90% of the other cities and towns in Oklahoma.
|$782,001 - $1,043,000||0.1|
|$522,001 - $782,000||4.2|
|$417,001 - $522,000||2.0|
|$313,001 - $417,000||3.7|
|$208,001 - $313,000||14.2|
|$105,001 - $208,000||42.7|
|$52,001 - $105,000||21.6|
|$0 - $52,000||11.0|
|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 Elk City HOMES|
|2000 or Newer||16.3|
|1970 - 1999||46.6|
|1940 - 1969||25.6|
|1939 or Older||11.5|
|TYPE OF Elk City HOMES|
|Small Apt. Buildings||9.6|
|SIZE OF Elk City HOMES|
|5 or more bedrooms||0.48|