Homer City, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Homer City Neighborhoods Since 2000




Homer City, 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

Homer City Housing Market Information

With a population of 1,652, 746 total housing units (homes and apartments), and a median house value of $95,240, house prices in Homer City are solidly below the national average.

Single-family detached homes are the single most common housing type in Homer City, accounting for 78.49% of the borough's housing units. Other types of housing that are prevalent in Homer City include duplexes, homes converted to apartments or other small apartment buildings ( 11.70%), mobile homes or trailers ( 5.66%), and a few large apartment complexes or high rise apartments ( 3.52%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Homer City. Owner-occupied housing accounts for 70.17% of Homer City's homes, and 55.85% 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. Homer City's housing was primarily built during this period, from the '40s through the '60s. A full 40.38% of the borough's housing hails from this era. Other housing ages represented in Homer City include homes built before 1939 ( 39.75%) and housing constructed between 1970-1999 ( 19.50%).

Homer City Home Appreciation Rates

Appreciation rates for homes in Homer City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 7.35%, which ranks in the top 40% nationwide. This equates to an annual average Homer City house appreciation rate of 0.71%.

Over the last year, Homer City appreciation rates have trailed the rest of the nation. In the last twelve months, Homer City's appreciation rate has been 1.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Homer City were at -1.59%, which equates to an annual appreciation rate of -6.20%.

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

Relative to Pennsylvania, our data show that Homer City's latest annual appreciation rate is lower than 60% of the other cities and towns in Pennsylvania.

Average Home Values

 

Median Home Value:
$95,240

Homer City, PA HOME PRICES

Value Range
> $1,030,000 0.0
$773,001 - $1,030,000 0.0
$515,001 - $773,000 0.7
$412,001 - $515,000 0.0
$309,001 - $412,000 0.0
$206,001 - $309,000 3.2
$103,001 - $206,000 35.7
$51,001 - $103,000 52.5
$0 - $51,000 7.9

Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
80.6164303293097 78.8405797101449

Number Of Homes And Apartments:
746

Homer City 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
48.22% 2.31% 6 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$817 / per month

Homeownership Rate

Homeownership
Owners 70.17
Renters 29.83
Vacant 6.16

Housing Market Details

 

Age of Homes

AGE OF Homer City HOMES
2000 or Newer 0.4
1970 - 1999 19.5
1940 - 1969 40.4
1939 or Older 39.7

Types of Homes

TYPE OF Homer City HOMES
Single-Family 78.5
Townhomes 0.6
Small Apt. Buildings 11.7
Apt. Complexes 3.5
Mobile Homes 5.7
Other 0.0

Home Size

SIZE OF Homer City HOMES
No Bedroom 0.38
1 Bedroom 8.81
2 Bedrooms 33.58
3 Bedrooms 44.53
4 Bedrooms 11.32
5 or more bedrooms 1.38