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 1,814 people, 1,019 houses or apartments, and a median cost of homes of $342,032, Ocean Park real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Ocean Park, accounting for 67.24% of the town's housing units. Other types of housing that are prevalent in Ocean Park include mobile homes or trailers ( 24.42%), duplexes, homes converted to apartments or other small apartment buildings ( 4.01%), and a few large apartment complexes or high rise apartments ( 2.76%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ocean Park. Owner-occupied housing accounts for 83.32% of Ocean Park's homes, and 54.20% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Ocean Park 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 Ocean Park built between 1940-1969 ( 30.32%). A lesser amount of the housing stock also hails from between 2000 and later ( 22.31%). There's also some housing in Ocean Park built before 1939 ( 9.64%).
A decent proportion of the Ocean Park housing stock is seasonally occupied. That is, homes and condos in Ocean Park 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 Ocean Park housing market speaks to its popularity as a vacation location of choice.
In the last 10 years, Ocean Park has experienced some of the highest home appreciation rates of any community in the nation. Ocean Park real estate appreciated 127.75% over the last ten years, which is an average annual home appreciation rate of 8.58%, putting Ocean Park in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Ocean Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Ocean Park appreciation rates have trailed the rest of the nation. In the last twelve months, Ocean Park's appreciation rate has been 3.25%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ocean Park were at 0.16%, which equates to an annual appreciation rate of 0.63%.
Notably, Ocean Park's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Washington, our data show that Ocean Park's latest annual appreciation rate is higher than 60% of the other cities and towns in Washington.
$342,032
$1,742 / per month