Chester, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Chester, PA Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Chester Housing Market Information

With 33,988 people, 11,610 houses or apartments, and a median cost of homes of $71,729, house prices in Chester are some of the most affordable in Pennsylvania as well as the nation.

Row houses and other attached homes are the single most common housing type in Chester, accounting for 61.79% of the city's housing units. Other types of housing that are prevalent in Chester include large apartment complexes or high rise apartments ( 15.27%), duplexes, homes converted to apartments or other small apartment buildings ( 12.56%), and a few single-family detached homes ( 10.10%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Renters dominate Chester's housing market, and most live in three of four bedroom dwellings, chiefly found in row houses and other attached homes.

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. Chester's housing was primarily built during this period, from the '40s through the '60s. A full 44.15% of the city's housing hails from this era. Other housing ages represented in Chester include homes built before 1939 ( 31.60%) and housing constructed between 1970-1999 ( 17.12%). There's also some housing in Chester built between 2000 and later ( 7.14%).

Vacant housing appears to be an issue in Chester. Fully 21.02% of the housing stock is classified as vacant. Left unchecked, vacant Chester homes and apartments can be a drag on the real estate market, holding Chester 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.

Chester Home Appreciation Rates

Homes have actually lost value in Chester over the last then years, as home values have seen a decline of 14.34% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Chester home appreciation rates at 1.07%, which equates to an annual appreciation rate of 4.36%.

Over the last year, Chester appreciation rates have trailed the rest of the nation. In the last twelve months, Chester's appreciation rate has been 2.67%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chester were at 1.07%, which equates to an annual appreciation rate of 4.36%.

Relative to Pennsylvania, our data show that Chester'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 city. Individual neighborhoods within Chester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chester - 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 Chester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$71,729

Chester, PA HOME PRICES

Value Range
> $1,090,542 0.5
$817,970 - $1,090,542 0.1
$545,445 - $817,969 0.0
$436,123 - $545,444 0.1
$327,205 - $436,122 0.7
$218,240 - $327,204 2.3
$108,966 - $218,239 20.0
$54,590 - $108,965 44.9
$0 - $54,589 31.5

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
95.5737226277372 94.5945945945946

Number Of Homes And Apartments:
11,610

Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
34.94% 1.66%
2
3
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$1,116 / per month

Homeownership Rate

Homeownership
Owners 33.36
Renters 66.64
Vacant 21.02

Housing Market Details

 

Age of Homes

AGE OF Chester HOMES
2000 or Newer 7.1
1970 - 1999 17.1
1940 - 1969 44.1
1939 or Older 31.6

Types of Homes

TYPE OF Chester HOMES
Single-Family 10.1
Townhomes 61.8
Small Apt. Buildings 12.6
Apt. Complexes 15.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Chester HOMES
No Bedroom 3.03
1 Bedroom 11.50
2 Bedrooms 23.14
3 Bedrooms 49.71
4 Bedrooms 9.21
5 or more bedrooms 3.41