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 32,614, 13,071 total housing units (homes and apartments), and a median house value of $375,149, Oak Ridge real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Oak Ridge, accounting for 65.95% of the city's housing units. Other types of housing that are prevalent in Oak Ridge include large apartment complexes or high rise apartments ( 18.19%), duplexes, homes converted to apartments or other small apartment buildings ( 8.37%), and a few row houses and other attached homes ( 6.81%).
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 62.69% owning and 37.31% 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 56.50% of the city's housing hails from this era. Other housing ages represented in Oak Ridge include homes built between 1970-1999 ( 27.90%) and housing constructed between 2000 and later ( 14.29%). There's also some housing in Oak Ridge built before 1939 ( 1.30%).
Vacant housing appears to be an issue in Oak Ridge. Fully 12.45% 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.
In the last 10 years, Oak Ridge has experienced some of the highest home appreciation rates of any community in the nation. Oak Ridge real estate appreciated 123.49% over the last ten years, which is an average annual home appreciation rate of 8.37%, putting Oak Ridge in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Oak Ridge definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Oak Ridge's appreciation rate, at 7.10%, has been at or slightly above the national average. In the latest quarter, Oak Ridge's appreciation rate has been 1.91%, which annualizes to a rate of 7.87%.
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.
$375,149
for Tennessee
for nation
13,071
$2,254 / per month