State College, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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State College, 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

State College Housing Market Information

With a population of 42,161, 12,104 total housing units (homes and apartments), and a median house value of $296,472, State College real estate is some of the most expensive in Pennsylvania, although State College home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in State College, accounting for 58.48% of the borough's housing units. Other types of housing that are prevalent in State College include single-family detached homes ( 24.04%), duplexes, homes converted to apartments or other small apartment buildings ( 9.07%), and a few row houses and other attached homes ( 7.76%). 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.

State College is dominated by renter-occupied one, two, or no bedrooms apartments. 85.06% of State College's dwellings are rentals.

There is a lot of housing in State College built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in State College built between 1940-1969 ( 40.26%). A lesser amount of the housing stock also hails from before 1939 ( 10.14%). There's also some housing in State College built between 2000 and later ( 5.36%).

Vacant housing appears to be an issue in State College. Fully 10.51% of the housing stock is classified as vacant. Left unchecked, vacant State College homes and apartments can be a drag on the real estate market, holding State College 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.

State College Home Appreciation Rates

In the last 10 years, State College has experienced some of the highest home appreciation rates of any community in the nation. State College real estate appreciated 21.94% over the last ten years, which is an average annual home appreciation rate of 2.00%, putting State College in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, State College definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, State College appreciation rates have trailed the rest of the nation. In the last twelve months, State College's appreciation rate has been 1.53%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in State College were at -0.90%, which equates to an annual appreciation rate of -3.57%.

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

Relative to Pennsylvania, our data show that State College's latest annual appreciation rate is lower than 60% 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 State College differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in State College - 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 State College real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$296,472

State College, PA HOME PRICES

Value Range
> $1,121,000 0.7
$840,001 - $1,121,000 0.9
$560,001 - $840,000 3.3
$448,001 - $560,000 9.1
$336,001 - $448,000 15.9
$224,001 - $336,000 40.6
$112,001 - $224,000 27.9
$56,001 - $112,000 0.8
$0 - $56,000 0.8

Very High for PA
Very High for Nation

Value Relative to Nation Value Relative to State
16.6002578225712 7.72946859903382

Number Of Homes And Apartments:
12,104

State College 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
72.16% 3.20% 10 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,167 / per month

Homeownership Rate

Homeownership
Owners 14.94
Renters 85.06
Vacant 10.51

Housing Market Details

 

Age of Homes

AGE OF State College HOMES
2000 or Newer 5.4
1970 - 1999 44.2
1940 - 1969 40.3
1939 or Older 10.1

Types of Homes

TYPE OF State College HOMES
Single-Family 24.0
Townhomes 7.8
Small Apt. Buildings 9.1
Apt. Complexes 58.5
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF State College HOMES
No Bedroom 10.68
1 Bedroom 27.05
2 Bedrooms 28.67
3 Bedrooms 17.66
4 Bedrooms 12.50
5 or more bedrooms 3.45