Reading PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Reading, 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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Reading Housing Market Information

With a population of 88,375, 28,805 total housing units (homes and apartments), and a median house value of $87,326, 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 52.65% 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 ( 19.98%), large apartment complexes or high rise apartments ( 16.99%), and a few single-family detached homes ( 10.25%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

The most prevalent building size and type in Reading are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 38.07% owning and 61.93% renting.

The housing in Reading was primarily built before 1939 ( 52.50%), 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 ( 30.56%), followed by between 1970-1999 ( 15.29%). There's also some housing in Reading built between 2000 and later ( 1.65%).

Vacant housing appears to be an issue in Reading. Fully 14.41% 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 1.69%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Reading's appreciation rate, at 4.38%, has been at or slightly above the national average. In the latest quarter, Reading's appreciation rate has been 0.12%, which annualizes to a rate of 0.48%.

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

Relative to Pennsylvania, our data show that Reading's latest annual appreciation rate is higher than 50% 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:
$87,326

Reading, PA HOME PRICES

Value Range
> $1,266,000 0.2
$950,001 - $1,266,000 0.1
$633,001 - $950,000 0.3
$506,001 - $633,000 0.2
$380,001 - $506,000 0.9
$253,001 - $380,000 2.4
$126,001 - $253,000 16.4
$63,001 - $126,000 46.0
$0 - $63,000 33.3

Very Low for PA
Very Low for Nation

Value Relative to Nation Value Relative to State
91.9065693430657 89.8648648648649

Number Of Homes And Apartments:
28,805

Reading Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
60.50% 2.31%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,031 / per month

Homeownership Rate

Homeownership
Owners 38.07
Renters 61.93
Vacant 14.41

Housing Market Details

 

Age of Homes

AGE OF Reading HOMES
2000 or Newer 1.6
1970 - 1999 15.3
1940 - 1969 30.6
1939 or Older 52.5

Types of Homes

TYPE OF Reading HOMES
Single-Family 10.2
Townhomes 52.6
Small Apt. Buildings 20.0
Apt. Complexes 17.0
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Reading HOMES
No Bedroom 4.52
1 Bedroom 17.51
2 Bedrooms 20.42
3 Bedrooms 29.53
4 Bedrooms 16.11
5 or more bedrooms 11.91