Homer City, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Homer City, PA Real Estate Data


Homer City Housing Market Information

With 1,652 people, 744 houses or apartments, and a median cost of homes of $102,433, 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 77.81% 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 ( 11.85%), mobile homes or trailers ( 6.31%), and a few large apartment complexes or high rise apartments ( 3.40%).

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 70.35% of Homer City's homes, and 54.35% 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 40.98% of the borough's housing hails from this era. Other housing ages represented in Homer City include homes built before 1939 ( 38.34%) and housing constructed between 1970-1999 ( 19.92%).

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 16.29%, which ranks in the top 30% nationwide. This equates to an annual average Homer City house appreciation rate of 1.52%.

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 4.30%, 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 2.15%, which equates to an annual appreciation rate of 8.89%.

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

Average Home Values

 

Median Home Value:
$102,433

Homer City, PA HOME PRICES

Value Range
> $1,086,000 0.0
$815,001 - $1,086,000 0.0
$543,001 - $815,000 0.7
$435,001 - $543,000 0.0
$326,001 - $435,000 0.0
$217,001 - $326,000 2.3
$108,001 - $217,000 39.7
$54,001 - $108,000 47.5
$0 - $54,000 9.9

Low for PA
Low for Nation

Value Relative to Nation Value Relative to State
77.3291561749722 77.3913043478261

Number Of Homes And Apartments:
744

Rent & Ownership

 

Average Market Rent:
$645 / per month

Homeownership Rate

Homeownership
Owners 70.35
Renters 29.65
Vacant 6.18

Housing Market Details

 

Age of Homes

AGE OF Homer City HOMES
2000 or Newer 0.8
1970 - 1999 19.9
1940 - 1969 41.0
1939 or Older 38.3

Types of Homes

TYPE OF Homer City HOMES
Single-Family 77.8
Townhomes 0.6
Small Apt. Buildings 11.9
Apt. Complexes 3.4
Mobile Homes 6.3
Other 0.0

Home Size

SIZE OF Homer City HOMES
No Bedroom 0.38
1 Bedroom 8.07
2 Bedrooms 35.69
3 Bedrooms 45.02
4 Bedrooms 9.33
5 or more bedrooms 1.51

Homer City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
54.24% 2.58% 7 7
* 10 is highest