Somerset, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Somerset Neighborhoods Since 2000




Somerset, 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

Somerset Housing Market Information

With a population of 6,032, 2,800 total housing units (homes and apartments), and a median house value of $132,269, house prices in Somerset are solidly below the national average.

Single-family detached homes are the single most common housing type in Somerset, accounting for 48.31% of the borough's housing units. Other types of housing that are prevalent in Somerset include duplexes, homes converted to apartments or other small apartment buildings ( 23.20%), large apartment complexes or high rise apartments ( 20.19%), and a few mobile homes or trailers ( 4.49%).

People in Somerset primarily live in small (one, two or no bedroom) single-family detached homes. Somerset 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. Somerset's housing was primarily built during this period, from the '40s through the '60s. A full 34.28% of the borough's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1999 ( 31.99%) and housing constructed before 1939 ( 27.93%). There's also some housing in Somerset built between 2000 and later ( 5.79%).

Vacant housing appears to be an issue in Somerset. Fully 13.29% of the housing stock is classified as vacant. Left unchecked, vacant Somerset homes and apartments can be a drag on the real estate market, holding Somerset 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.

Somerset Home Appreciation Rates

Appreciation rates for homes in Somerset have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.41%, which ranks in the top 50% nationwide. This equates to an annual average Somerset house appreciation rate of 0.43%.

Over the last year, Somerset appreciation rates have trailed the rest of the nation. In the last twelve months, Somerset's appreciation rate has been -2.07%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somerset were at -1.59%, which equates to an annual appreciation rate of -6.20%.

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

Relative to Pennsylvania, our data show that Somerset'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 borough. Individual neighborhoods within Somerset differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Somerset - 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 Somerset real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$132,269

Somerset, PA HOME PRICES

Value Range
> $986,000 0.0
$740,001 - $986,000 1.3
$493,001 - $740,000 1.7
$394,001 - $493,000 0.7
$296,001 - $394,000 2.0
$197,001 - $296,000 8.5
$98,001 - $197,000 44.7
$49,001 - $98,000 34.8
$0 - $49,000 6.3

Average for PA
Average for Nation

Value Relative to Nation Value Relative to State
58.6253369272237 54.5893719806763

Number Of Homes And Apartments:
2,800

Somerset 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
23.23% 1.22% 2 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$675 / per month

Homeownership Rate

Homeownership
Owners 48.71
Renters 51.29
Vacant 13.29

Housing Market Details

 

Age of Homes

AGE OF Somerset HOMES
2000 or Newer 5.8
1970 - 1999 32.0
1940 - 1969 34.3
1939 or Older 27.9

Types of Homes

TYPE OF Somerset HOMES
Single-Family 48.3
Townhomes 3.8
Small Apt. Buildings 23.2
Apt. Complexes 20.2
Mobile Homes 4.5
Other 0.0

Home Size

SIZE OF Somerset HOMES
No Bedroom 4.18
1 Bedroom 13.50
2 Bedrooms 33.01
3 Bedrooms 36.64
4 Bedrooms 9.66
5 or more bedrooms 3.00