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 5,514 people, 2,448 houses or apartments, and a median cost of homes of $97,930, house prices in Red Oak are some of the most affordable in Iowa as well as the nation.
Single-family detached homes are the single most common housing type in Red Oak, accounting for 78.24% of the city's housing units. Other types of housing that are prevalent in Red Oak include large apartment complexes or high rise apartments ( 12.05%), duplexes, homes converted to apartments or other small apartment buildings ( 7.56%), and a few mobile homes or trailers ( 1.82%).
People in Red Oak primarily live in small (one, two or no bedroom) single-family detached homes. Red Oak has a mixture of owner-occupied and renter-occupied housing.
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. Red Oak's housing was primarily built during this period, from the '40s through the '60s. A full 33.10% of the city's housing hails from this era. Other housing ages represented in Red Oak include homes built before 1939 ( 30.17%) and housing constructed between 1970-1999 ( 29.24%). There's also some housing in Red Oak built between 2000 and later ( 7.49%).
Red Oak's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Red Oak during the period has been just 5.38%, which is lower than 70% of US communities.
Appreciation rates are so strong in Red Oak that despite a nationwide downturn in the housing market, Red Oak real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Red Oak appreciation rates continue to be some of the highest in America, at 8.61%, which is higher than appreciation rates in 77.03% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Red Oak. Red Oak appreciation rates in the latest quarter were at 2.03%, which equates to an annual appreciation rate of 8.38%.
Relative to Iowa, our data show that Red Oak's latest annual appreciation rate is higher than 80% of the other cities and towns in Iowa.
$97,930
for Iowa
for nation
2,448
$1,207 / per month