Oil City, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Oil City Neighborhoods Since 2000




Oil City, PA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Oil City Housing Market Information

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.

Oil City Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$51,377

Oil City, PA HOME PRICES

Value Range
> $1,007,000 0.0
$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

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
99.2148130786359 97.8743961352657

Number Of Homes And Apartments:
4,281

Oil City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
29.52% 1.51% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$784 / per month

Homeownership Rate

Homeownership
Owners 61.13
Renters 38.87
Vacant 13.34

Housing Market Details

 

Age of Homes

AGE OF Oil City HOMES
2000 or Newer 1.1
1970 - 1999 13.3
1940 - 1969 24.6
1939 or Older 61.0

Types of Homes

TYPE OF Oil City HOMES
Single-Family 72.4
Townhomes 1.4
Small Apt. Buildings 13.7
Apt. Complexes 12.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Oil City HOMES
No Bedroom 1.21
1 Bedroom 12.00
2 Bedrooms 22.27
3 Bedrooms 42.00
4 Bedrooms 17.73
5 or more bedrooms 4.78