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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.



Oil City, PA 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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Oil City, PA Housing Market Trends

With a population of 9,459, 4,019 total housing units (homes and apartments), and a median house value of $96,675, house prices in Oil City are some of the most affordable in Pennsylvania as well as the nation.

Single-family detached homes are the single most common housing type in Oil City, accounting for 70.82% of the city's housing units. Other types of housing that are prevalent in Oil City include duplexes, homes converted to apartments or other small apartment buildings ( 16.07%), large apartment complexes or high rise apartments ( 10.85%), and a few row houses and other attached homes ( 2.25%).

The most prevalent building size and type in Oil City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.25% owning and 41.75% renting.

The housing in Oil City was primarily built before 1939 ( 57.89%), making the housing stock in Oil City some of the oldest overall in America, although there is a range of ages of homes in Oil City. The next most important housing age is between 1940-1969 ( 23.90%), followed by between 1970-1999 ( 13.93%). There's also some housing in Oil City built between 2000 and later ( 4.29%).

Vacant housing appears to be an issue in Oil City. Fully 15.46% of the housing stock is classified as vacant. Left unchecked, vacant Oil City homes and apartments can be a drag on the real estate market, holding Oil 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.

Oil City Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Oil City, where house values have increased just 46.43%, which is annualized rate of 3.89%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Oil City appreciation rates have trailed the rest of the nation. In the last twelve months, Oil City's appreciation rate has been 0.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Oil City were at 2.00%, which equates to an annual appreciation rate of 8.26%.

Relative to Pennsylvania, our data show that Oil City's latest annual appreciation rate is lower than 90% of the other cities and towns in Pennsylvania.

Average Home Values

Median Home Value

$96,675

Oil City, PA Home Prices
> $1,252,000
$939,001 - $1,252,000
$626,001 - $939,000
$501,001 - $626,000
$376,001 - $501,000
$250,001 - $376,000
$125,001 - $250,000
$63,001 - $125,000
$0 - $63,000
0.3%
0.3%
0.0%
0.0%
0.0%
0.0%
3.2%
3.2%
0.3%
0.3%
5.0%
5.0%
17.6%
17.6%
31.8%
31.8%
41.8%
41.8%
0% 100.0%
% of Homes
Very Low

for Pennsylvania

Very Low

for nation

Number of Homes And Apartments:

4,019

Oil City Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,184 / per month

Homeownership Rate

Owners
Renters
Vacant
58.2%
58.2%
41.8%
41.8%
15.5%
15.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.3%
4.3%
13.9%
13.9%
23.9%
23.9%
57.9%
57.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
70.8%
70.8%
2.3%
2.3%
16.1%
16.1%
10.9%
10.9%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.5%
1.5%
10.9%
10.9%
27.4%
27.4%
38.9%
38.9%
14.6%
14.6%
6.8%
6.8%
0% 100.0%
% of Homes