Oak Ridge, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Oak Ridge, TN 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

Oak Ridge Housing Market Information

With 29,302 people, 12,528 houses or apartments, and a median cost of homes of $129,607, house prices in Oak Ridge are solidly below the national average.

Single-family detached homes are the single most common housing type in Oak Ridge, accounting for 69.71% of the city's housing units. Other types of housing that are prevalent in Oak Ridge include large apartment complexes or high rise apartments ( 15.01%), duplexes, homes converted to apartments or other small apartment buildings ( 11.54%), and a few row houses and other attached homes ( 3.27%).

The most prevalent building size and type in Oak Ridge are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.95% owning and 41.05% 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. Oak Ridge's housing was primarily built during this period, from the '40s through the '60s. A full 59.77% of the city's housing hails from this era. Other housing ages represented in Oak Ridge include homes built between 1970-1999 ( 29.55%) and housing constructed between 2000 and later ( 9.00%). There's also some housing in Oak Ridge built before 1939 ( 1.68%).

Vacant housing appears to be an issue in Oak Ridge. Fully 12.81% of the housing stock is classified as vacant. Left unchecked, vacant Oak Ridge homes and apartments can be a drag on the real estate market, holding Oak Ridge 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.

Oak Ridge Home Appreciation Rates

Real estate appreciation rates in Oak Ridge's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.10% during the period.

NeighborhoodScout's data show that during the latest twelve months, Oak Ridge's appreciation rate, at 4.33%, has been at or slightly above the national average. In the latest quarter, Oak Ridge's appreciation rate has been 0.56%, which annualizes to a rate of 2.26%.

Relative to Tennessee, our data show that Oak Ridge's latest annual appreciation rate is higher than 60% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Oak Ridge differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Oak Ridge - 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 Oak Ridge real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$129,607

Oak Ridge, TN HOME PRICES

Value Range
> $1,042,000 0.3
$782,001 - $1,042,000 0.3
$521,001 - $782,000 1.9
$417,001 - $521,000 2.3
$313,001 - $417,000 6.4
$209,001 - $313,000 16.5
$104,001 - $209,000 41.9
$52,001 - $104,000 25.1
$0 - $52,000 5.3

Average for TN
Low for Nation

Value Relative to Nation Value Relative to State
60.0843782960272 43.8775510204082

Number Of Homes And Apartments:
12,528

Oak Ridge Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
28.01% 1.44% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$933 / per month

Homeownership Rate

Homeownership
Owners 58.95
Renters 41.05
Vacant 12.81

Housing Market Details

 

Age of Homes

AGE OF Oak Ridge HOMES
2000 or Newer 9.0
1970 - 1999 29.5
1940 - 1969 59.8
1939 or Older 1.7

Types of Homes

TYPE OF Oak Ridge HOMES
Single-Family 69.7
Townhomes 3.3
Small Apt. Buildings 11.5
Apt. Complexes 15.0
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Oak Ridge HOMES
No Bedroom 0.82
1 Bedroom 9.59
2 Bedrooms 27.75
3 Bedrooms 37.05
4 Bedrooms 18.46
5 or more bedrooms 6.33