Elkins Park, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elkins Park, 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

Elkins Park Housing Market Information

With a population of 21,002, 1,870 total housing units (homes and apartments), and a median house value of $135,554, house prices in Elkins Park are solidly below the national average.

Single-family detached homes are the single most common housing type in Elkins Park, accounting for 45.73% of the town's housing units. Other types of housing that are prevalent in Elkins Park include large apartment complexes or high rise apartments ( 22.51%), duplexes, homes converted to apartments or other small apartment buildings ( 17.81%), and a few row houses and other attached homes ( 13.89%).

The most prevalent building size and type in Elkins Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.45% owning and 36.55% 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. Elkins Park's housing was primarily built during this period, from the '40s through the '60s. A full 44.44% of the town's housing hails from this era. Other housing ages represented in Elkins Park include homes built before 1939 ( 30.97%) and housing constructed between 1970-1999 ( 21.48%). There's also some housing in Elkins Park built between 2000 and later ( 3.10%).

Elkins Park Home Appreciation Rates

In the last 10 years, Elkins Park has experienced some of the highest home appreciation rates of any community in the nation. Elkins Park real estate appreciated 23.38% over the last ten years, which is an average annual home appreciation rate of 2.12%, putting Elkins Park in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Elkins Park definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Elkins Park's appreciation rate, at 4.56%, has been at or slightly above the national average. In the latest quarter, Elkins Park's appreciation rate has been 0.99%, which annualizes to a rate of 4.00%.

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

Average Home Values

 

Median Home Value:
$135,554

Elkins Park, PA HOME PRICES

Value Range
> $1,121,000 0.2
$841,001 - $1,121,000 0.0
$561,001 - $841,000 0.9
$449,001 - $561,000 0.8
$336,001 - $449,000 5.0
$224,001 - $336,000 9.7
$112,001 - $224,000 42.2
$56,001 - $112,000 32.1
$0 - $56,000 9.1

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
56.9260517988984 52.9468599033816

Number Of Homes And Apartments:
1,870

Elkins Park 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
45.51% 2.20% 6 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$680 / per month

Homeownership Rate

Homeownership
Owners 63.45
Renters 36.55
Vacant 8.18

Housing Market Details

 

Age of Homes

AGE OF Elkins Park HOMES
2000 or Newer 3.1
1970 - 1999 21.5
1940 - 1969 44.4
1939 or Older 31.0

Types of Homes

TYPE OF Elkins Park HOMES
Single-Family 45.7
Townhomes 13.9
Small Apt. Buildings 17.8
Apt. Complexes 22.5
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Elkins Park HOMES
No Bedroom 0.95
1 Bedroom 18.53
2 Bedrooms 23.89
3 Bedrooms 31.18
4 Bedrooms 15.20
5 or more bedrooms 10.25