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 10,137, 4,281 total housing units (homes and apartments), and a median house value of $51,377, 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 72.43% 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 ( 13.68%), large apartment complexes or high rise apartments ( 12.29%), and a few row houses and other attached homes ( 1.44%).
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 61.13% owning and 38.87% renting.
The housing in Oil City was primarily built before 1939 ( 61.01%), 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 ( 24.64%), followed by between 1970-1999 ( 13.26%). There's also some housing in Oil City built between 2000 and later ( 1.09%).
Vacant housing appears to be an issue in Oil City. Fully 13.34% 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.
Real estate appreciation rates in Oil City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.19% during the period.
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 1.59%, 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 -1.59%, which equates to an annual appreciation rate of -6.20%.
Notably, Oil City's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Pennsylvania, our data show that Oil City's latest annual appreciation rate is lower than 60% of the other cities and towns in Pennsylvania.
|$756,001 - $1,007,000||0.0|
|$504,001 - $756,000||0.4|
|$403,001 - $504,000||0.0|
|$302,001 - $403,000||0.5|
|$201,001 - $302,000||2.3|
|$101,001 - $201,000||12.1|
|$50,001 - $101,000||27.9|
|$0 - $50,000||56.7|
|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 Oil City HOMES|
|2000 or Newer||1.1|
|1970 - 1999||13.3|
|1940 - 1969||24.6|
|1939 or Older||61.0|
|TYPE OF Oil City HOMES|
|Small Apt. Buildings||13.7|
|SIZE OF Oil City HOMES|
|5 or more bedrooms||4.78|