Reading, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Reading, PA Real Estate Data


Reading Housing Market Information

With 87,879 people, 30,435 houses or apartments, and a median cost of homes of $74,748, house prices in Reading are some of the most affordable in Pennsylvania as well as the nation.

Row houses and other attached homes are the single most common housing type in Reading, accounting for 52.98% of the city's housing units. Other types of housing that are prevalent in Reading include duplexes, homes converted to apartments or other small apartment buildings ( 19.42%), large apartment complexes or high rise apartments ( 16.63%), and a few single-family detached homes ( 10.78%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

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

The housing in Reading was primarily built before 1939 ( 56.22%), making the housing stock in Reading some of the oldest overall in America, although there is a range of ages of homes in Reading. The next most important housing age is between 1940-1969 ( 25.81%), followed by between 1970-1999 ( 15.67%). There's also some housing in Reading built between 2000 and later ( 2.31%).

Vacant housing appears to be an issue in Reading. Fully 13.66% of the housing stock is classified as vacant. Left unchecked, vacant Reading homes and apartments can be a drag on the real estate market, holding Reading 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.

Reading Home Appreciation Rates

Reading's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Reading during the period has been just -0.79%, which is lower than 70% of US communities.

Over the last year, Reading appreciation rates have trailed the rest of the nation. In the last twelve months, Reading's appreciation rate has been 1.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Reading were at 1.25%, which equates to an annual appreciation rate of 5.09%.

Relative to Pennsylvania, our data show that Reading's latest annual appreciation rate is lower than 90% 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 city. Individual neighborhoods within Reading differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Reading - 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 Reading real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$74,748

Reading, PA HOME PRICES

Value Range
> $1,069,000 0.0
$801,001 - $1,069,000 0.0
$534,001 - $801,000 0.2
$427,001 - $534,000 0.4
$321,001 - $427,000 0.9
$214,001 - $321,000 2.5
$107,001 - $214,000 17.9
$53,001 - $107,000 43.4
$0 - $53,000 34.7

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
93.7635416056684 93.2367149758454

Number Of Homes And Apartments:
30,435

Rent & Ownership

 

Average Market Rent:
$821 / per month

Homeownership Rate

Homeownership
Owners 41.48
Renters 58.52
Vacant 13.66

Housing Market Details

 

Age of Homes

AGE OF Reading HOMES
2000 or Newer 2.3
1970 - 1999 15.7
1940 - 1969 25.8
1939 or Older 56.2

Types of Homes

TYPE OF Reading HOMES
Single-Family 10.8
Townhomes 53.0
Small Apt. Buildings 19.4
Apt. Complexes 16.6
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Reading HOMES
No Bedroom 4.48
1 Bedroom 18.50
2 Bedrooms 21.46
3 Bedrooms 27.96
4 Bedrooms 15.89
5 or more bedrooms 11.71

Reading 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
31.55% 1.63% 2 3
* 10 is highest