Hermitage, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Hermitage Neighborhoods Since 2000




Hermitage, 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

Hermitage Housing Market Information

With a population of 16,028, 6,945 total housing units (homes and apartments), and a median house value of $123,366, house prices in Hermitage are solidly below the national average.

Single-family detached homes are the single most common housing type in Hermitage, accounting for 71.97% of the city's housing units. Other types of housing that are prevalent in Hermitage include large apartment complexes or high rise apartments ( 16.86%), row houses and other attached homes ( 5.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.60%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Hermitage. Owner-occupied housing accounts for 70.80% of Hermitage's homes, and 60.63% 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. Hermitage's housing was primarily built during this period, from the '40s through the '60s. A full 45.84% of the city's housing hails from this era. Other housing ages represented in Hermitage include homes built between 1970-1999 ( 34.90%) and housing constructed between 2000 and later ( 10.17%). There's also some housing in Hermitage built before 1939 ( 9.09%).

Vacant housing appears to be an issue in Hermitage. Fully 10.59% of the housing stock is classified as vacant. Left unchecked, vacant Hermitage homes and apartments can be a drag on the real estate market, holding Hermitage 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.

Hermitage Home Appreciation Rates

Real estate appreciation rates in Hermitage's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.01% during the period.

Over the last year, Hermitage appreciation rates have trailed the rest of the nation. In the last twelve months, Hermitage's appreciation rate has been -0.12%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Hermitage were at 2.15%, which equates to an annual appreciation rate of 8.89%.

Importantly, this makes Hermitage one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Pennsylvania, our data show that Hermitage's latest annual appreciation rate is lower than 80% of the other cities and towns in Pennsylvania.

Average Home Values

 

Median Home Value:
$123,366

Hermitage, PA HOME PRICES

Value Range
> $1,047,000 0.3
$785,001 - $1,047,000 0.4
$523,001 - $785,000 1.9
$419,001 - $523,000 1.5
$314,001 - $419,000 4.5
$209,001 - $314,000 12.9
$105,001 - $209,000 41.4
$52,001 - $105,000 29.0
$0 - $52,000 7.9

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
63.5767022149303 60.1932367149759

Number Of Homes And Apartments:
6,945

Hermitage 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
11.21% 0.62% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$978 / per month

Homeownership Rate

Homeownership
Owners 70.80
Renters 29.20
Vacant 10.59

Housing Market Details

 

Age of Homes

AGE OF Hermitage HOMES
2000 or Newer 10.2
1970 - 1999 34.9
1940 - 1969 45.8
1939 or Older 9.1

Types of Homes

TYPE OF Hermitage HOMES
Single-Family 72.0
Townhomes 5.8
Small Apt. Buildings 3.6
Apt. Complexes 16.9
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Hermitage HOMES
No Bedroom 1.83
1 Bedroom 6.67
2 Bedrooms 28.95
3 Bedrooms 45.85
4 Bedrooms 14.78
5 or more bedrooms 1.92