McAlester, OK Housing Market Trends
With 18,140 people, 7,173 houses or apartments, and a median cost of homes of $168,993, the cost of homes in McAlester is among some of the lowest in the nation. Compared to Oklahoma, however, McAlester real state is not on the lower end of the price spectrum.
Single-family detached homes are the single most common housing type in McAlester, accounting for 79.99% of the city's housing units. Other types of housing that are prevalent in McAlester include large apartment complexes or high rise apartments ( 10.41%), duplexes, homes converted to apartments or other small apartment buildings ( 7.52%), and a few mobile homes or trailers ( 1.09%).
The most prevalent building size and type in McAlester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.87% owning and 48.13% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. McAlester's housing was primarily built during this period, from the '40s through the '60s. A full 38.84% of the city's housing hails from this era. Other housing ages represented in McAlester include homes built between 1970-1999 ( 32.08%) and housing constructed between 2000 and later ( 16.77%). There's also some housing in McAlester built before 1939 ( 12.31%).
Vacant housing appears to be an issue in McAlester. Fully 12.12% of the housing stock is classified as vacant. Left unchecked, vacant McAlester homes and apartments can be a drag on the real estate market, holding McAlester 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.
McAlester Home Appreciation Rates
McAlester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in McAlester during the period has been just 4.97%, which is lower than 80% of US communities.
Over the last year, McAlester appreciation rates have trailed the rest of the nation. In the last twelve months, McAlester's appreciation rate has been 5.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in McAlester were at 0.78%, which equates to an annual appreciation rate of 3.15%.
Relative to Oklahoma, our data show that McAlester's latest annual appreciation rate is lower than 60% of the other cities and towns in Oklahoma.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within McAlester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in McAlester - 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 McAlester real estate investment or home purchase decisions.
Median Home Value
$168,993
Average
for Oklahoma
Very Low
for nation
Number of Homes And Apartments:
7,173
OK
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,339 / per month