Greensburg, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Greensburg, 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

Greensburg Housing Market Information

With a population of 14,495, 6,706 total housing units (homes and apartments), and a median house value of $128,978, house prices in Greensburg are solidly below the national average.

Single-family detached homes are the single most common housing type in Greensburg, accounting for 53.14% of the city's housing units. Other types of housing that are prevalent in Greensburg include large apartment complexes or high rise apartments ( 23.07%), duplexes, homes converted to apartments or other small apartment buildings ( 18.49%), and a few row houses and other attached homes ( 4.95%).

People in Greensburg primarily live in small (one, two or no bedroom) single-family detached homes. Greensburg has a mixture of owner-occupied and renter-occupied housing.

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. Greensburg's housing was primarily built during this period, from the '40s through the '60s. A full 41.46% of the city's housing hails from this era. Other housing ages represented in Greensburg include homes built before 1939 ( 30.07%) and housing constructed between 1970-1999 ( 26.02%). There's also some housing in Greensburg built between 2000 and later ( 2.45%).

Vacant housing appears to be an issue in Greensburg. Fully 14.95% of the housing stock is classified as vacant. Left unchecked, vacant Greensburg homes and apartments can be a drag on the real estate market, holding Greensburg 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.

Greensburg Home Appreciation Rates

Appreciation rates for homes in Greensburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.73%, which ranks in the top 40% nationwide. This equates to an annual average Greensburg house appreciation rate of 0.46%.

Over the last year, Greensburg appreciation rates have trailed the rest of the nation. In the last twelve months, Greensburg's appreciation rate has been 0.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Greensburg were at -0.41%, which equates to an annual appreciation rate of -1.65%.

Relative to Pennsylvania, our data show that Greensburg's latest annual appreciation rate is lower 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 Greensburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Greensburg - 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 Greensburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$128,978

Greensburg, PA HOME PRICES

Value Range
> $1,050,000 0.2
$788,001 - $1,050,000 0.5
$525,001 - $788,000 1.6
$420,001 - $525,000 0.9
$315,001 - $420,000 1.3
$210,001 - $315,000 7.4
$105,001 - $210,000 50.9
$53,001 - $105,000 31.8
$0 - $53,000 5.4

Average for PA
Low for Nation

Value Relative to Nation Value Relative to State
60.4711121528185 56.6183574879227

Number Of Homes And Apartments:
6,706

Greensburg 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
28.56% 1.47% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$800 / per month

Homeownership Rate

Homeownership
Owners 46.31
Renters 53.69
Vacant 14.95

Housing Market Details

 

Age of Homes

AGE OF Greensburg HOMES
2000 or Newer 2.4
1970 - 1999 26.0
1940 - 1969 41.5
1939 or Older 30.1

Types of Homes

TYPE OF Greensburg HOMES
Single-Family 53.1
Townhomes 4.9
Small Apt. Buildings 18.5
Apt. Complexes 23.1
Mobile Homes 0.3
Other 0.1

Home Size

SIZE OF Greensburg HOMES
No Bedroom 3.04
1 Bedroom 17.30
2 Bedrooms 32.71
3 Bedrooms 34.89
4 Bedrooms 9.47
5 or more bedrooms 2.59