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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 35,795 people, 12,918 houses or apartments, and a median cost of homes of $258,686, 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 44.60% of the borough's housing units. Other types of housing that are prevalent in Norristown include large apartment complexes or high rise apartments ( 25.36%), duplexes, homes converted to apartments or other small apartment buildings ( 17.38%), and a few single-family detached homes ( 12.66%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

People in Norristown primarily live in small (one, two or no bedroom) row houses and other attached homes. Norristown has a mixture of owner-occupied and renter-occupied housing.

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 35.47% of the borough's housing hails from this era. Other housing ages represented in Norristown include homes built before 1939 ( 34.31%) and housing constructed between 1970-1999 ( 20.94%). There's also some housing in Norristown built between 2000 and later ( 9.27%).

Norristown Home Appreciation Rates

Real estate appreciation rates in Norristown's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.45% during the period.

NeighborhoodScout's data show that during the latest twelve months, Norristown's appreciation rate, at 6.29%, has been at or slightly above the national average. In the latest quarter, Norristown's appreciation rate has been 0.82%, which annualizes to a rate of 3.32%.

Relative to Pennsylvania, our data show that Norristown's latest annual appreciation rate is higher than 70% 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

$258,686

Norristown, PA Home Prices
> $1,394,000
$1,045,001 - $1,394,000
$697,001 - $1,045,000
$558,001 - $697,000
$418,001 - $558,000
$278,001 - $418,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
0.9%
0.9%
0.0%
0.0%
0.2%
0.2%
1.8%
1.8%
4.4%
4.4%
27.6%
27.6%
49.6%
49.6%
11.9%
11.9%
3.7%
3.7%
0% 100.0%
% of Homes
Average

for Pennsylvania

Average

for nation

Number of Homes And Apartments:

12,918

Norristown Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,059 / per month

Homeownership Rate

Owners
Renters
37.9%
37.9%
62.1%
62.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.5%
9.5%
90.5%
90.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.3%
9.3%
20.9%
20.9%
35.5%
35.5%
34.3%
34.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
12.7%
12.7%
44.6%
44.6%
17.4%
17.4%
25.4%
25.4%
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
4.5%
4.5%
20.4%
20.4%
22.9%
22.9%
33.5%
33.5%
12.1%
12.1%
6.6%
6.6%
0% 100.0%
% of Homes