Chester, PA Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chester, PA Housing Market Trends

With 34,000 people, 11,602 houses or apartments, and a median cost of homes of $101,254, 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 64.08% of the city's housing units. Other types of housing that are prevalent in Chester include large apartment complexes or high rise apartments ( 14.90%), duplexes, homes converted to apartments or other small apartment buildings ( 11.53%), and a few single-family detached homes ( 9.34%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

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 41.39% of the city's housing hails from this era. Other housing ages represented in Chester include homes built before 1939 ( 35.35%) and housing constructed between 1970-1999 ( 15.25%). There's also some housing in Chester built between 2000 and later ( 8.01%).

Vacant housing appears to be an issue in Chester. Fully 18.01% 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

Some of the lowest real estate appreciation rates in America over the last ten years have been in Chester, where house values have increased just 9.50%, which is annualized rate of 0.91%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Chester's appreciation rate, at 6.08%, has been at or slightly above the national average. In the latest quarter, Chester's appreciation rate has been 2.69%, which annualizes to a rate of 11.20%.

Relative to Pennsylvania, our data show that Chester's latest annual appreciation rate is higher than 80% 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:
$101,254

Chester, PA HOME PRICES

> $1,180,000
0.1%
0.1%
$885,001 - $1,180,000
0.0%
0.0%
$590,001 - $885,000
0.1%
0.1%
$472,001 - $590,000
0.2%
0.2%
$354,001 - $472,000
2.0%
2.0%
$236,001 - $354,000
2.9%
2.9%
$118,001 - $236,000
20.8%
20.8%
$59,001 - $118,000
49.9%
49.9%
$0 - $59,000
24.0%
24.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for PA

Value Relative To Nation

Number Of Homes And Apartments:
11,602

Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
62.95% 2.35%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,155 / per month

Homeownership Rate

Owners
32.2%
32.2%
Renters
67.8%
67.8%
Vacant
18.0%
18.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.0%
8.0%
1970 - 1999
15.3%
15.3%
1940 - 1969
41.4%
41.4%
1939 or Older
35.3%
35.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
9.3%
9.3%
Townhomes
64.1%
64.1%
Small Apt. Buildings
11.5%
11.5%
Apt. Complexes
14.9%
14.9%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.0%
3.0%
1 Bedroom
11.5%
11.5%
2 Bedrooms
20.6%
20.6%
3 Bedrooms
52.7%
52.7%
4 Bedrooms
9.5%
9.5%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES