Conneaut Lake, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Conneaut Lake, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Conneaut Lake Housing Market Information

With 635 people, 266 houses or apartments, and a median cost of homes of $132,691, house prices in Conneaut Lake are solidly below the national average.

Single-family detached homes are the single most common housing type in Conneaut Lake, accounting for 75.87% of the borough's housing units. Other types of housing that are prevalent in Conneaut Lake include duplexes, homes converted to apartments or other small apartment buildings ( 12.79%), row houses and other attached homes ( 8.72%), and a few mobile homes or trailers ( 2.62%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Conneaut Lake. Owner-occupied housing accounts for 75.19% of Conneaut Lake's homes, and 63.08% have either three or four bedrooms, which is average sized relative to America.

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. Conneaut Lake's housing was primarily built during this period, from the '40s through the '60s. A full 45.35% of the borough's housing hails from this era. Other housing ages represented in Conneaut Lake include homes built before 1939 ( 29.36%) and housing constructed between 1970-1999 ( 19.19%). There's also some housing in Conneaut Lake built between 2000 and later ( 6.10%).

Vacant housing appears to be an issue in Conneaut Lake. Fully 22.67% of the housing stock is classified as vacant. Left unchecked, vacant Conneaut Lake homes and apartments can be a drag on the real estate market, holding Conneaut Lake 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.

Conneaut Lake Home Appreciation Rates

Appreciation rates for homes in Conneaut Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.03%, which ranks in the top 40% nationwide. This equates to an annual average Conneaut Lake house appreciation rate of 0.78%.

Over the last year, Conneaut Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Conneaut Lake's appreciation rate has been 1.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Conneaut Lake were at -1.59%, which equates to an annual appreciation rate of -6.20%.

Notably, Conneaut Lake's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Pennsylvania, our data show that Conneaut Lake's latest annual appreciation rate is lower than 70% of the other cities and towns in Pennsylvania.

Average Home Values

 

Median Home Value:
$132,691

Conneaut Lake, PA HOME PRICES

Value Range
> $1,034,000 1.9
$776,001 - $1,034,000 1.2
$517,001 - $776,000 2.8
$414,001 - $517,000 5.7
$310,001 - $414,000 2.0
$207,001 - $310,000 4.9
$103,001 - $207,000 52.4
$52,001 - $103,000 22.2
$0 - $52,000 7.0

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
58.3968123754834 54.3961352657005

Number Of Homes And Apartments:
266

Conneaut Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
55.52% 2.59% 8 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$838 / per month

Homeownership Rate

Homeownership
Owners 75.19
Renters 24.81
Vacant 22.67

Housing Market Details

 

Age of Homes

AGE OF Conneaut Lake HOMES
2000 or Newer 6.1
1970 - 1999 19.2
1940 - 1969 45.3
1939 or Older 29.4

Types of Homes

TYPE OF Conneaut Lake HOMES
Single-Family 75.9
Townhomes 8.7
Small Apt. Buildings 12.8
Apt. Complexes 0.0
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Conneaut Lake HOMES
No Bedroom 0.00
1 Bedroom 7.56
2 Bedrooms 26.45
3 Bedrooms 47.67
4 Bedrooms 15.41
5 or more bedrooms 2.91

Popular Neighborhoods in Conneaut Lake

Zip Codes in Conneaut Lake, PA