Elk City, OK
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elk City, OK Real Estate Data


Elk City Housing Market Information

With a population of 12,717, 4,308 total housing units (homes and apartments), and a median house value of $137,307, 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 69.75% 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 ( 8.45%), large apartment complexes or high rise apartments ( 8.32%), and a few mobile homes or trailers ( 7.38%).

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 59.98% owning and 40.02% 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 ( 29.58%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.25%). There's also some housing in Elk City built before 1939 ( 10.97%).

Vacant housing appears to be an issue in Elk City. Fully 18.95% 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

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 21.61% over the last ten years, which is an average annual home appreciation rate of 1.98%, 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 2.97%, 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 1.16%, which equates to an annual appreciation rate of 4.72%.

Relative to Oklahoma, our data show that Elk City's latest annual appreciation rate is lower than 80% of the other cities and towns in Oklahoma.

Average Home Values

 

Median Home Value:
$137,307

Elk City, OK HOME PRICES

Value Range
> $1,092,000 0.4
$819,001 - $1,092,000 0.1
$546,001 - $819,000 3.4
$437,001 - $546,000 0.5
$328,001 - $437,000 3.3
$218,001 - $328,000 13.8
$109,001 - $218,000 38.4
$55,001 - $109,000 24.3
$0 - $55,000 15.8

Very High for OK
Average for Nation

Value Relative to Nation Value Relative to State
57.0416349475903 15.1057401812689

Number Of Homes And Apartments:
4,308

Rent & Ownership

 

Average Market Rent:
$910 / per month

Homeownership Rate

Homeownership
Owners 59.98
Renters 40.02
Vacant 18.95

Housing Market Details

 

Age of Homes

AGE OF Elk City HOMES
2000 or Newer 13.2
1970 - 1999 46.2
1940 - 1969 29.6
1939 or Older 11.0

Types of Homes

TYPE OF Elk City HOMES
Single-Family 69.7
Townhomes 4.6
Small Apt. Buildings 8.4
Apt. Complexes 8.3
Mobile Homes 7.4
Other 1.5

Home Size

SIZE OF Elk City HOMES
No Bedroom 2.67
1 Bedroom 8.60
2 Bedrooms 29.35
3 Bedrooms 47.49
4 Bedrooms 11.10
5 or more bedrooms 0.79

Elk City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OK*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
73.64% 3.30% 8 9
* 10 is highest

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