Myerstown, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Myerstown, PA Real Estate Data


Myerstown Housing Market Information

With 3,140 people, 1,163 houses or apartments, and a median cost of homes of $144,047, Myerstown real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Myerstown, accounting for 40.76% of the borough's housing units. Other types of housing that are prevalent in Myerstown include row houses and other attached homes ( 31.59%), duplexes, homes converted to apartments or other small apartment buildings ( 20.42%), and a few large apartment complexes or high rise apartments ( 6.78%).

The most prevalent building size and type in Myerstown are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 47.03% owning and 52.97% renting.

The housing in Myerstown was primarily built before 1939 ( 41.37%), making the housing stock in Myerstown some of the oldest overall in America, although there is a range of ages of homes in Myerstown. The next most important housing age is between 1940-1969 ( 31.51%), followed by between 1970-1999 ( 27.12%).

Vacant housing appears to be an issue in Myerstown. Fully 10.40% of the housing stock is classified as vacant. Left unchecked, vacant Myerstown homes and apartments can be a drag on the real estate market, holding Myerstown 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.

Myerstown Home Appreciation Rates

Appreciation rates for homes in Myerstown have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.17%, which ranks in the top 50% nationwide. This equates to an annual average Myerstown house appreciation rate of 0.21%.

Appreciation rates are so strong in Myerstown that despite a nationwide downturn in the housing market, Myerstown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Myerstown appreciation rates continue to be some of the highest in America, at 5.93%, which is higher than appreciation rates in 72.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Myerstown. Myerstown appreciation rates in the latest quarter were at 2.58%, which equates to an annual appreciation rate of 10.73%.

Importantly, this makes Myerstown 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 Myerstown's latest annual appreciation rate is higher than 80% of the other cities and towns in Pennsylvania.

Average Home Values

 

Median Home Value:
$144,047

Myerstown, PA HOME PRICES

Value Range
> $1,052,000 0.0
$789,001 - $1,052,000 0.0
$526,001 - $789,000 1.1
$421,001 - $526,000 0.0
$316,001 - $421,000 0.0
$210,001 - $316,000 9.0
$106,001 - $210,000 75.8
$53,001 - $106,000 7.7
$0 - $53,000 6.4

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
52.3848587835462 48.3091787439614

Number Of Homes And Apartments:
1,163

Rent & Ownership

 

Average Market Rent:
$820 / per month

Homeownership Rate

Homeownership
Owners 47.03
Renters 52.97
Vacant 10.40

Housing Market Details

 

Age of Homes

AGE OF Myerstown HOMES
2000 or Newer 0.0
1970 - 1999 27.1
1940 - 1969 31.5
1939 or Older 41.4

Types of Homes

TYPE OF Myerstown HOMES
Single-Family 40.8
Townhomes 31.6
Small Apt. Buildings 20.4
Apt. Complexes 6.8
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Myerstown HOMES
No Bedroom 0.92
1 Bedroom 12.48
2 Bedrooms 36.06
3 Bedrooms 38.83
4 Bedrooms 11.09
5 or more bedrooms 0.62

Myerstown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
54.97% 2.57% 7 7
* 10 is highest