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 34,412, 12,464 total housing units (homes and apartments), and a median house value of $139,566, 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 47.37% of the borough's housing units. Other types of housing that are prevalent in Norristown include large apartment complexes or high rise apartments ( 21.90%), duplexes, homes converted to apartments or other small apartment buildings ( 20.14%), and a few single-family detached homes ( 10.52%). 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 37.73% owning and 62.27% renting.
The housing in Norristown was primarily built before 1939 ( 45.70%), making the housing stock in Norristown some of the oldest overall in America, although there is a range of ages of homes in Norristown. The next most important housing age is between 1940-1969 ( 36.60%), followed by between 1970-1999 ( 12.40%). There's also some housing in Norristown built between 2000 and later ( 5.30%).
Vacant housing appears to be an issue in Norristown. Fully 13.69% 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.
Homes have actually lost value in Norristown over the last then years, as home values have seen a decline of 19.95% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Norristown home appreciation rates at 0.08%, which equates to an annual appreciation rate of 0.32%.
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 -0.65%, 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 0.08%, which equates to an annual appreciation rate of 0.32%.
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.
|$743,001 - $990,000||0.2|
|$495,001 - $743,000||0.0|
|$396,001 - $495,000||1.1|
|$297,001 - $396,000||1.3|
|$198,001 - $297,000||12.0|
|$99,001 - $198,000||58.9|
|$49,001 - $99,000||21.0|
|$0 - $49,000||5.1|
|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 Norristown HOMES|
|2000 or Newer||5.3|
|1970 - 1999||12.4|
|1940 - 1969||36.6|
|1939 or Older||45.7|
|TYPE OF Norristown HOMES|
|Small Apt. Buildings||20.1|
|SIZE OF Norristown HOMES|
|5 or more bedrooms||6.47|