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 9,322 people, 4,048 houses or apartments, and a median cost of homes of $647,748, Oak Island house prices are not only among the most expensive in North Carolina, Oak Island real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Oak Island, accounting for 83.13% of the town's housing units. Other types of housing that are prevalent in Oak Island include mobile homes or trailers ( 7.22%), large apartment complexes or high rise apartments ( 6.26%), and a few row houses and other attached homes ( 1.91%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Oak Island. Owner-occupied housing accounts for 86.39% of Oak Island's homes, and 71.41% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Oak Island 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 Oak Island built between 2000 and later ( 39.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 6.89%).
A decent proportion of the Oak Island housing stock is seasonally occupied. That is, homes and condos in Oak Island 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 Oak Island housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Oak Island has experienced some of the highest home appreciation rates of any community in the nation. Oak Island real estate appreciated 162.28% over the last ten years, which is an average annual home appreciation rate of 10.12%, putting Oak Island in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Oak Island definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Oak Island that despite a nationwide downturn in the housing market, Oak Island real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Oak Island appreciation rates continue to be some of the highest in America, at 8.10%, which is higher than appreciation rates in 71.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Oak Island. Oak Island appreciation rates in the latest quarter were at 0.62%, which equates to an annual appreciation rate of 2.49%.
Notably, Oak Island's appreciation rate in the latest quarter is one of the lowest in America.
Relative to North Carolina, our data show that Oak Island's latest annual appreciation rate is higher than 70% of the other cities and towns in North Carolina.
$647,748
for North carolina
for nation
4,048
$2,241 / per month