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
With 33,909 people, 11,633 houses or apartments, and a median cost of homes of $72,628, 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 63.74% of the city's housing units. Other types of housing that are prevalent in Chester include large apartment complexes or high rise apartments ( 15.02%), duplexes, homes converted to apartments or other small apartment buildings ( 12.15%), and a few single-family detached homes ( 8.85%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which 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 42.51% of the city's housing hails from this era. Other housing ages represented in Chester include homes built before 1939 ( 34.20%) and housing constructed between 1970-1999 ( 15.44%). There's also some housing in Chester built between 2000 and later ( 7.84%).
Vacant housing appears to be an issue in Chester. Fully 19.48% 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.
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 3.58%, which is annualized rate of 0.35%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Chester that despite a nationwide downturn in the housing market, Chester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chester appreciation rates continue to be some of the highest in America, at 9.51%, which is higher than appreciation rates in 92.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chester. Chester appreciation rates in the latest quarter were at 1.50%, which equates to an annual appreciation rate of 6.15%.
Relative to Pennsylvania, our data show that Chester'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 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.
|$868,001 - $1,158,000||0.0|
|$579,001 - $868,000||0.1|
|$463,001 - $579,000||0.3|
|$347,001 - $463,000||0.6|
|$232,001 - $347,000||1.8|
|$116,001 - $232,000||17.9|
|$58,001 - $116,000||51.5|
|$0 - $58,000||27.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
2000 Q1 - 2020 Q1
|* 10 is highest|
|AGE OF Chester HOMES|
|2000 or Newer||7.8|
|1970 - 1999||15.4|
|1940 - 1969||42.5|
|1939 or Older||34.2|
|TYPE OF Chester HOMES|
|Small Apt. Buildings||12.1|
|SIZE OF Chester HOMES|
|5 or more bedrooms||3.20|