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 4,933, 1,832 total housing units (homes and apartments), and a median house value of $387,229, 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 70.19% of the city's housing units. Other types of housing that are prevalent in Omak include large apartment complexes or high rise apartments ( 14.77%), mobile homes or trailers ( 10.04%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.14%).
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 63.53% owning and 36.47% 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 37.06% of the city's housing hails from this era. Other housing ages represented in Omak include homes built between 1970-1999 ( 34.08%) and housing constructed between 2000 and later ( 16.21%). There's also some housing in Omak built before 1939 ( 12.65%).
Vacant housing appears to be an issue in Omak. Fully 17.51% 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.
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 95.37%, which ranks in the top 50% nationwide. This equates to an annual average Omak house appreciation rate of 6.93%.
Over the last year, Omak appreciation rates have trailed the rest of the nation. In the last twelve months, Omak's appreciation rate has been 0.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Omak were at 0.16%, which equates to an annual appreciation rate of 0.63%.
Notably, Omak's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Washington, our data show that Omak's latest annual appreciation rate is lower than 70% of the other cities and towns in Washington.
$387,229
for Washington
for nation
1,832
$1,283 / per month