Canonsburg, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Canonsburg, PA Real Estate Data


Canonsburg Housing Market Information

With 8,922 people, 4,114 houses or apartments, and a median cost of homes of $148,179, Canonsburg real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Canonsburg, accounting for 63.09% of the borough's housing units. Other types of housing that are prevalent in Canonsburg include large apartment complexes or high rise apartments ( 21.60%), duplexes, homes converted to apartments or other small apartment buildings ( 11.16%), and a few row houses and other attached homes ( 3.14%).

The most prevalent building size and type in Canonsburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 55.51% owning and 44.49% 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. Canonsburg's housing was primarily built during this period, from the '40s through the '60s. A full 35.16% of the borough's housing hails from this era. Other housing ages represented in Canonsburg include homes built before 1939 ( 31.88%) and housing constructed between 1970-1999 ( 19.90%). There's also some housing in Canonsburg built between 2000 and later ( 13.06%).

Vacant housing appears to be an issue in Canonsburg. Fully 10.16% of the housing stock is classified as vacant. Left unchecked, vacant Canonsburg homes and apartments can be a drag on the real estate market, holding Canonsburg 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.

Canonsburg Home Appreciation Rates

In the last 10 years, Canonsburg has experienced some of the highest home appreciation rates of any community in the nation. Canonsburg real estate appreciated 19.42% over the last ten years, which is an average annual home appreciation rate of 1.79%, putting Canonsburg in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Canonsburg 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, Canonsburg appreciation rates have trailed the rest of the nation. In the last twelve months, Canonsburg's appreciation rate has been 3.09%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Canonsburg were at 2.53%, which equates to an annual appreciation rate of 10.50%.

Relative to Pennsylvania, our data show that Canonsburg's latest annual appreciation rate is lower than 70% 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 borough. Individual neighborhoods within Canonsburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Canonsburg - 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 Canonsburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$148,179

Canonsburg, PA HOME PRICES

Value Range
> $1,124,000 0.0
$843,001 - $1,124,000 0.6
$562,001 - $843,000 0.0
$450,001 - $562,000 0.0
$337,001 - $450,000 2.4
$225,001 - $337,000 10.2
$112,001 - $225,000 56.3
$56,001 - $112,000 27.0
$0 - $56,000 3.6

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
51.6659834865609 47.43961352657

Number Of Homes And Apartments:
4,114

Rent & Ownership

 

Average Market Rent:
$1,050 / per month

Homeownership Rate

Homeownership
Owners 55.51
Renters 44.49
Vacant 10.16

Housing Market Details

 

Age of Homes

AGE OF Canonsburg HOMES
2000 or Newer 13.1
1970 - 1999 19.9
1940 - 1969 35.2
1939 or Older 31.9

Types of Homes

TYPE OF Canonsburg HOMES
Single-Family 63.1
Townhomes 3.1
Small Apt. Buildings 11.2
Apt. Complexes 21.6
Mobile Homes 1.0
Other 0.0

Home Size

SIZE OF Canonsburg HOMES
No Bedroom 0.57
1 Bedroom 14.98
2 Bedrooms 32.30
3 Bedrooms 36.43
4 Bedrooms 13.56
5 or more bedrooms 2.16

Canonsburg 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
45.42% 2.23% 5 5
* 10 is highest