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 18,108 people, 6,970 houses or apartments, and a median cost of homes of $178,362, house prices in McAlester are solidly below the national average.
Single-family detached homes are the single most common housing type in McAlester, accounting for 80.58% of the city's housing units. Other types of housing that are prevalent in McAlester include large apartment complexes or high rise apartments ( 9.88%), duplexes, homes converted to apartments or other small apartment buildings ( 7.78%).
The most prevalent building size and type in McAlester are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.34% owning and 46.66% 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. McAlester's housing was primarily built during this period, from the '40s through the '60s. A full 35.95% of the city's housing hails from this era. Other housing ages represented in McAlester include homes built between 1970-1999 ( 33.86%) and housing constructed between 2000 and later ( 16.14%). There's also some housing in McAlester built before 1939 ( 14.05%).
Vacant housing appears to be an issue in McAlester. Fully 12.85% of the housing stock is classified as vacant. Left unchecked, vacant McAlester homes and apartments can be a drag on the real estate market, holding McAlester 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.
McAlester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in McAlester during the period has been just 4.81%, which is lower than 80% of US communities.
Appreciation rates are so strong in McAlester that despite a nationwide downturn in the housing market, McAlester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, McAlester appreciation rates continue to be some of the highest in America, at 12.54%, which is higher than appreciation rates in 94.65% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in McAlester. McAlester appreciation rates in the latest quarter were at 3.30%, which equates to an annual appreciation rate of 13.85%.
Importantly, this makes McAlester one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oklahoma, our data show that McAlester's latest annual appreciation rate is higher than 90% of the other cities and towns in Oklahoma.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within McAlester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in McAlester - 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 McAlester real estate investment or home purchase decisions.
$178,362
for Oklahoma
for nation
6,970
$1,364 / per month