Altoona, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Altoona Neighborhoods Since 2000




Altoona, PA Real Estate Data


Altoona Housing Market Information

With 45,344 people, 18,755 houses or apartments, and a median cost of homes of $93,363, house prices in Altoona are some of the most affordable in Pennsylvania as well as the nation.

Single-family detached homes are the single most common housing type in Altoona, accounting for 71.77% of the city's housing units. Other types of housing that are prevalent in Altoona include large apartment complexes or high rise apartments ( 12.11%), duplexes, homes converted to apartments or other small apartment buildings ( 10.66%), and a few row houses and other attached homes ( 4.85%).

The most prevalent building size and type in Altoona are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.70% owning and 35.30% renting.

The housing in Altoona was primarily built before 1939 ( 48.44%), making the housing stock in Altoona some of the oldest overall in America, although there is a range of ages of homes in Altoona. The next most important housing age is between 1940-1969 ( 32.37%), followed by between 1970-1999 ( 18.03%). There's also some housing in Altoona built between 2000 and later ( 1.16%).

Vacant housing appears to be an issue in Altoona. Fully 10.50% of the housing stock is classified as vacant. Left unchecked, vacant Altoona homes and apartments can be a drag on the real estate market, holding Altoona 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.

Altoona Home Appreciation Rates

Appreciation rates for homes in Altoona have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 15.19%, which ranks in the top 30% nationwide. This equates to an annual average Altoona house appreciation rate of 1.42%.

Appreciation rates are so strong in Altoona that despite a nationwide downturn in the housing market, Altoona real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Altoona appreciation rates continue to be some of the highest in America, at 6.18%, which is higher than appreciation rates in 76.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Altoona. Altoona appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.75%.

Importantly, this makes Altoona 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 Pennsylvania, our data show that Altoona's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Altoona differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Altoona - 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 Altoona real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$93,363

Altoona, PA HOME PRICES

Value Range
> $1,098,000 0.2
$823,001 - $1,098,000 0.0
$549,001 - $823,000 0.3
$439,001 - $549,000 0.1
$329,001 - $439,000 0.7
$219,001 - $329,000 3.5
$110,001 - $219,000 26.9
$55,001 - $110,000 47.9
$0 - $55,000 20.4

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
83.1762019090004 83.2850241545894

Number Of Homes And Apartments:
18,755

Rent & Ownership

 

Average Market Rent:
$688 / per month

Homeownership Rate

Homeownership
Owners 64.70
Renters 35.30
Vacant 10.50

Housing Market Details

 

Age of Homes

AGE OF Altoona HOMES
2000 or Newer 1.2
1970 - 1999 18.0
1940 - 1969 32.4
1939 or Older 48.4

Types of Homes

TYPE OF Altoona HOMES
Single-Family 71.8
Townhomes 4.9
Small Apt. Buildings 10.7
Apt. Complexes 12.1
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Altoona HOMES
No Bedroom 2.37
1 Bedroom 10.41
2 Bedrooms 22.56
3 Bedrooms 45.65
4 Bedrooms 16.13
5 or more bedrooms 2.88

Altoona Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
43.34% 2.14% 4 5
* 10 is highest