Ocean Park, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ocean Park, WA 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

Ocean Park Housing Market Information

With a population of 1,557, 674 total housing units (homes and apartments), and a median house value of $207,552, Ocean Park real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Ocean Park, accounting for 64.73% of the town's housing units. Other types of housing that are prevalent in Ocean Park include mobile homes or trailers ( 33.00%), duplexes, homes converted to apartments or other small apartment buildings ( 1.48%).

Dwellings in Ocean Park tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 64.78% of the homes in Ocean Park have two or fewer bedrooms.

There is a lot of housing in Ocean Park built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Ocean Park built between 1940-1969 ( 19.41%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.87%). There's also some housing in Ocean Park built before 1939 ( 14.33%).

A decent proportion of the Ocean Park housing stock is seasonally occupied. That is, homes and condos in Ocean Park are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Ocean Park housing market speaks to its popularity as a vacation location of choice.

Ocean Park Home Appreciation Rates

Ocean Park's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ocean Park during the period has been just -0.83%, which is lower than 70% of US communities.

Appreciation rates are so strong in Ocean Park that despite a nationwide downturn in the housing market, Ocean Park real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ocean Park appreciation rates continue to be some of the highest in America, at 13.12%, which is higher than appreciation rates in 98.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ocean Park. Ocean Park appreciation rates in the latest quarter were at 1.50%, which equates to an annual appreciation rate of 6.14%.

Relative to Washington, our data show that Ocean Park's latest annual appreciation rate is higher than 80% of the other cities and towns in Washington.

Average Home Values

 

Median Home Value:
$207,552

Ocean Park, WA HOME PRICES

Value Range
> $1,261,000 0.0
$945,001 - $1,261,000 0.0
$630,001 - $945,000 2.6
$504,001 - $630,000 7.6
$378,001 - $504,000 6.6
$252,001 - $378,000 21.5
$126,001 - $252,000 40.0
$63,001 - $126,000 14.0
$0 - $63,000 7.9

Low for WA
High for Nation

Value Relative to Nation Value Relative to State
30.3820461736787 68.0851063829787

Number Of Homes And Apartments:
674

Ocean Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
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
47.13% 2.26% 2 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,388 / per month

Homeownership Rate

Homeownership
Owners 72.85
Renters 27.15
Vacant 64.36

Housing Market Details

 

Age of Homes

AGE OF Ocean Park HOMES
2000 or Newer 16.9
1970 - 1999 49.4
1940 - 1969 19.4
1939 or Older 14.3

Types of Homes

TYPE OF Ocean Park HOMES
Single-Family 64.7
Townhomes 0.0
Small Apt. Buildings 1.5
Apt. Complexes 0.8
Mobile Homes 33.0
Other 0.0

Home Size

SIZE OF Ocean Park HOMES
No Bedroom 7.88
1 Bedroom 15.18
2 Bedrooms 41.72
3 Bedrooms 30.78
4 Bedrooms 3.65
5 or more bedrooms 0.79

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Zip Codes in Ocean Park, WA