Omak, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Omak, 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

Omak Housing Market Information

With 4,854 people, 1,867 houses or apartments, and a median cost of homes of $198,542, Omak real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Omak, accounting for 59.28% of the city's housing units. Other types of housing that are prevalent in Omak include large apartment complexes or high rise apartments ( 20.83%), mobile homes or trailers ( 8.76%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.68%).

The most prevalent building size and type in Omak are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.80% owning and 54.20% 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. Omak's housing was primarily built during this period, from the '40s through the '60s. A full 35.89% of the city's housing hails from this era. Other housing ages represented in Omak include homes built between 1970-1999 ( 35.42%) and housing constructed before 1939 ( 18.42%). There's also some housing in Omak built between 2000 and later ( 10.27%).

Vacant housing appears to be an issue in Omak. Fully 11.60% of the housing stock is classified as vacant. Left unchecked, vacant Omak homes and apartments can be a drag on the real estate market, holding Omak 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.

Omak Home Appreciation Rates

Appreciation rates for homes in Omak have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.38%, which ranks in the top 30% nationwide. This equates to an annual average Omak house appreciation rate of 0.99%.

Appreciation rates are so strong in Omak that despite a nationwide downturn in the housing market, Omak real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Omak appreciation rates continue to be some of the highest in America, at 6.21%, which is higher than appreciation rates in 75.84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Omak. Omak 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 Omak's latest annual appreciation rate is lower than 80% of the other cities and towns in Washington.

Average Home Values

 

Median Home Value:
$198,542

Omak, WA HOME PRICES

Value Range
> $1,139,000 0.0
$855,001 - $1,139,000 0.0
$570,001 - $855,000 0.8
$456,001 - $570,000 1.6
$342,001 - $456,000 3.9
$228,001 - $342,000 30.3
$114,001 - $228,000 43.3
$57,001 - $114,000 12.6
$0 - $57,000 7.5

Low for WA
High for Nation

Value Relative to Nation Value Relative to State
32.6116254541193 71.9858156028369

Number Of Homes And Apartments:
1,867

Omak 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
57.33% 2.66% 3 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$876 / per month

Homeownership Rate

Homeownership
Owners 45.80
Renters 54.20
Vacant 11.60

Housing Market Details

 

Age of Homes

AGE OF Omak HOMES
2000 or Newer 10.3
1970 - 1999 35.4
1940 - 1969 35.9
1939 or Older 18.4

Types of Homes

TYPE OF Omak HOMES
Single-Family 59.3
Townhomes 5.4
Small Apt. Buildings 5.7
Apt. Complexes 20.8
Mobile Homes 8.8
Other 0.0

Home Size

SIZE OF Omak HOMES
No Bedroom 1.42
1 Bedroom 10.56
2 Bedrooms 35.65
3 Bedrooms 37.45
4 Bedrooms 12.41
5 or more bedrooms 2.51

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Zip Codes in Omak, WA