Norristown, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Norristown Neighborhoods Since 2000




Norristown, PA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Norristown Housing Market Information

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.

Norristown Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$139,566

Norristown, PA HOME PRICES

Value Range
> $990,000 0.6
$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

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
54.9220672682527 50.6280193236715

Number Of Homes And Apartments:
12,464

Norristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
31.13% 1.58% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,242 / per month

Homeownership Rate

Homeownership
Owners 37.73
Renters 62.27
Vacant 13.69

Housing Market Details

 

Age of Homes

AGE OF Norristown HOMES
2000 or Newer 5.3
1970 - 1999 12.4
1940 - 1969 36.6
1939 or Older 45.7

Types of Homes

TYPE OF Norristown HOMES
Single-Family 10.5
Townhomes 47.4
Small Apt. Buildings 20.1
Apt. Complexes 21.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Norristown HOMES
No Bedroom 3.35
1 Bedroom 20.18
2 Bedrooms 22.27
3 Bedrooms 37.49
4 Bedrooms 10.24
5 or more bedrooms 6.47