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Norristown, PA Real Estate Market

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 Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Norristown, PA Housing Market Trends

With 35,829 people, 12,848 houses or apartments, and a median cost of homes of $222,979, Norristown real estate and house prices are near the national average for all cities and towns.

Row houses and other attached homes are the single most common housing type in Norristown, accounting for 48.54% of the borough's housing units. Other types of housing that are prevalent in Norristown include large apartment complexes or high rise apartments ( 24.29%), duplexes, homes converted to apartments or other small apartment buildings ( 15.29%), and a few single-family detached homes ( 11.88%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

The most prevalent building size and type in Norristown are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The borough has a mixture of owners and renters, with 39.50% owning and 60.50% renting.

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. Norristown's housing was primarily built during this period, from the '40s through the '60s. A full 38.63% of the borough's housing hails from this era. Other housing ages represented in Norristown include homes built before 1939 ( 37.04%) and housing constructed between 1970-1999 ( 17.85%). There's also some housing in Norristown built between 2000 and later ( 6.48%).

Vacant housing appears to be an issue in Norristown. Fully 10.98% of the housing stock is classified as vacant. Left unchecked, vacant Norristown homes and apartments can be a drag on the real estate market, holding Norristown 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.

Norristown Home Appreciation Rates

Norristown's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Norristown during the period has been just 4.45%, which is lower than 70% of US communities.

Over the last year, Norristown appreciation rates have trailed the rest of the nation. In the last twelve months, Norristown's appreciation rate has been 8.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Norristown were at 3.30%, which equates to an annual appreciation rate of 13.88%.

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

Relative to Pennsylvania, our data show that Norristown's latest annual appreciation rate is lower than 80% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within Norristown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norristown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Norristown real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$222,979

Norristown, PA HOME PRICES

> $1,446,000
$1,085,001 - $1,446,000
$723,001 - $1,085,000
$579,001 - $723,000
$434,001 - $579,000
$289,001 - $434,000
$145,001 - $289,000
$72,001 - $145,000
$0 - $72,000
1.4%
1.4%
0.0%
0.0%
0.0%
0.0%
0.5%
0.5%
3.6%
3.6%
12.2%
12.2%
55.3%
55.3%
23.8%
23.8%
3.3%
3.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for PA

Value Relative To Nation

Number Of Homes And Apartments:
12,848

Norristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
104.46% 3.19%
5
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,696 / per month

Homeownership Rate

Owners
Renters
Vacant
39.5%
39.5%
60.5%
60.5%
11.0%
11.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.5%
6.5%
17.8%
17.8%
38.6%
38.6%
37.0%
37.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
11.9%
11.9%
48.5%
48.5%
15.3%
15.3%
24.3%
24.3%
0.0%
0.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.1%
3.1%
18.0%
18.0%
23.8%
23.8%
36.4%
36.4%
12.2%
12.2%
6.4%
6.4%
0.0% 100.0%
% OF HOMES