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 about Scout's Real Estate Data
With a population of 1,555, 724 total housing units (homes and apartments), and a median house value of $128,632, house prices in Olive Hill are solidly below the national average.
Single-family detached homes are the single most common housing type in Olive Hill, accounting for 63.74% of the city's housing units. Other types of housing that are prevalent in Olive Hill include mobile homes or trailers ( 18.94%), duplexes, homes converted to apartments or other small apartment buildings ( 10.05%), and a few row houses and other attached homes ( 4.62%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Olive Hill. Owner-occupied housing accounts for 67.68% of Olive Hill's homes, and 64.55% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Olive Hill 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 Olive Hill built between 1940-1969 ( 29.56%). A lesser amount of the housing stock also hails from before 1939 ( 6.58%). There's also some housing in Olive Hill built between 2000 and later ( 3.70%).
Vacant housing appears to be an issue in Olive Hill. Fully 16.40% of the housing stock is classified as vacant. Left unchecked, vacant Olive Hill homes and apartments can be a drag on the real estate market, holding Olive Hill 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.
Olive Hill's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Olive Hill during the period has been just 4.91%, which is lower than 80% of US communities.
Appreciation rates are so strong in Olive Hill that despite a nationwide downturn in the housing market, Olive Hill real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Olive Hill appreciation rates continue to be some of the highest in America, at 13.29%, which is higher than appreciation rates in 95.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Olive Hill. Olive Hill appreciation rates in the latest quarter were at -2.13%, which equates to an annual appreciation rate of -8.23%.
Notably, Olive Hill's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Kentucky, our data show that Olive Hill's latest annual appreciation rate is higher than 90% of the other cities and towns in Kentucky.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Olive Hill differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Olive Hill - 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 Olive Hill real estate investment or home purchase decisions.
$128,632
for Kentucky
for nation
724
$927 / per month