Somerset PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (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 5,901, 2,809 total housing units (homes and apartments), and a median house value of $140,659, 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 50.41% of the borough's housing units. Other types of housing that are prevalent in Somerset include large apartment complexes or high rise apartments ( 22.76%), duplexes, homes converted to apartments or other small apartment buildings ( 16.73%), and a few mobile homes or trailers ( 5.70%).

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 37.80% of the borough's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1999 ( 33.56%) and housing constructed before 1939 ( 24.22%). There's also some housing in Somerset built between 2000 and later ( 4.43%).

Vacant housing appears to be an issue in Somerset. Fully 14.85% 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

Somerset's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Somerset during the period has been just 0.74%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Somerset's appreciation rate, at 3.47%, has been at or slightly above the national average. In the latest quarter, Somerset's appreciation rate has been 3.76%, which annualizes to a rate of 15.92%.

Importantly, this makes Somerset one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.

Relative to Pennsylvania, our data show that Somerset's latest annual appreciation rate is lower 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 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:
$140,659

Somerset, PA HOME PRICES

Value Range
> $1,056,000 0.0
$792,001 - $1,056,000 0.4
$528,001 - $792,000 2.1
$423,001 - $528,000 0.9
$317,001 - $423,000 1.1
$211,001 - $317,000 8.3
$106,001 - $211,000 43.1
$53,001 - $106,000 31.1
$0 - $53,000 13.1

Average for PA
Low for Nation

Value Relative to Nation Value Relative to State
62.785401459854 57.7220077220077

Number Of Homes And Apartments:
2,809

Somerset Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
30.42% 1.35%
1
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$733 / per month

Homeownership Rate

Homeownership
Owners 50.55
Renters 49.45
Vacant 14.85

Housing Market Details

 

Age of Homes

AGE OF Somerset HOMES
2000 or Newer 4.4
1970 - 1999 33.6
1940 - 1969 37.8
1939 or Older 24.2

Types of Homes

TYPE OF Somerset HOMES
Single-Family 50.4
Townhomes 4.4
Small Apt. Buildings 16.7
Apt. Complexes 22.8
Mobile Homes 5.7
Other 0.0

Home Size

SIZE OF Somerset HOMES
No Bedroom 3.39
1 Bedroom 14.67
2 Bedrooms 30.83
3 Bedrooms 37.65
4 Bedrooms 10.85
5 or more bedrooms 2.61