New Hope, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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New Hope, PA Real Estate Data


New Hope Housing Market Information

With 2,510 people, 1,247 houses or apartments, and a median cost of homes of $616,203, New Hope house prices are not only among the most expensive in Pennsylvania, New Hope real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in New Hope, accounting for 47.48% of the borough's housing units. Other types of housing that are prevalent in New Hope include row houses and other attached homes ( 22.74%), large apartment complexes or high rise apartments ( 16.84%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.94%).

People in New Hope primarily live in small (one, two or no bedroom) single-family detached homes. New Hope has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in New Hope built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in New Hope built before 1939 ( 24.38%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.35%). There's also some housing in New Hope built between 2000 and later ( 10.09%).

Vacant housing appears to be an issue in New Hope. Fully 11.37% of the housing stock is classified as vacant. Left unchecked, vacant New Hope homes and apartments can be a drag on the real estate market, holding New Hope 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.

New Hope Home Appreciation Rates

Appreciation rates for homes in New Hope have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.82%, which ranks in the top 50% nationwide. This equates to an annual average New Hope house appreciation rate of 0.28%.

Over the last year, New Hope appreciation rates have trailed the rest of the nation. In the last twelve months, New Hope's appreciation rate has been 4.29%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New Hope were at 1.89%, which equates to an annual appreciation rate of 7.76%.

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

Average Home Values

 

Median Home Value:
$616,203

Rent & Ownership

 

Average Market Rent:
$1,835 / per month

Homeownership Rate

Homeownership
Owners 60.04
Renters 39.96
Vacant 11.37

Housing Market Details

 

Age of Homes

AGE OF New Hope HOMES
2000 or Newer 10.1
1970 - 1999 49.2
1940 - 1969 16.3
1939 or Older 24.4

Types of Homes

TYPE OF New Hope HOMES
Single-Family 47.5
Townhomes 22.7
Small Apt. Buildings 12.9
Apt. Complexes 16.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF New Hope HOMES
No Bedroom 0.00
1 Bedroom 19.76
2 Bedrooms 30.28
3 Bedrooms 18.27
4 Bedrooms 23.81
5 or more bedrooms 7.89

New Hope 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
62.01% 2.88% 8 8
* 10 is highest