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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 1,936, 834 total housing units (homes and apartments), and a median house value of $123,513, house prices in Mercer are solidly below the national average.
Single-family detached homes are the single most common housing type in Mercer, accounting for 65.27% of the borough's housing units. Other types of housing that are prevalent in Mercer include duplexes, homes converted to apartments or other small apartment buildings ( 18.51%), large apartment complexes or high rise apartments ( 11.92%), and a few mobile homes or trailers ( 3.03%).
The most prevalent building size and type in Mercer are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 55.04% owning and 44.96% renting.
The housing in Mercer was primarily built before 1939 ( 43.72%), making the housing stock in Mercer some of the oldest overall in America, although there is a range of ages of homes in Mercer. The next most important housing age is between 1940-1969 ( 32.11%), followed by between 1970-1999 ( 22.91%). There's also some housing in Mercer built between 2000 and later ( 1.26%).
Vacant housing appears to be an issue in Mercer. Fully 12.76% of the housing stock is classified as vacant. Left unchecked, vacant Mercer homes and apartments can be a drag on the real estate market, holding Mercer 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.
Appreciation rates for homes in Mercer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 5.89%, which ranks in the top 40% nationwide. This equates to an annual average Mercer house appreciation rate of 0.57%.
Appreciation rates are so strong in Mercer that despite a nationwide downturn in the housing market, Mercer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mercer appreciation rates continue to be some of the highest in America, at 9.30%, which is higher than appreciation rates in 91.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mercer. Mercer appreciation rates in the latest quarter were at 2.15%, which equates to an annual appreciation rate of 8.89%.
Importantly, this makes Mercer one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.
Relative to Pennsylvania, our data show that Mercer's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.
|$844,001 - $1,126,000||0.0|
|$563,001 - $844,000||0.9|
|$451,001 - $563,000||0.0|
|$338,001 - $451,000||0.5|
|$225,001 - $338,000||12.1|
|$113,001 - $225,000||43.4|
|$56,001 - $113,000||33.6|
|$0 - $56,000||9.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Mercer HOMES|
|2000 or Newer||1.3|
|1970 - 1999||22.9|
|1940 - 1969||32.1|
|1939 or Older||43.7|
|TYPE OF Mercer HOMES|
|Small Apt. Buildings||18.5|
|SIZE OF Mercer HOMES|
|5 or more bedrooms||4.71|