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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



State College, PA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

State College, PA Housing Market Trends

With a population of 13,582, 11,357 total housing units (homes and apartments), and a median house value of $394,069, 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 57.09% of the borough's housing units. Other types of housing that are prevalent in State College include single-family detached homes ( 25.63%), row houses and other attached homes ( 8.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.99%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

State College is dominated by renter-occupied one, two, or no bedrooms apartments. 82.45% 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 ( 32.08%). A lesser amount of the housing stock also hails from before 1939 ( 11.92%). There's also some housing in State College built between 2000 and later ( 6.05%).

Vacant housing appears to be an issue in State College. Fully 13.03% 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

Real estate appreciation rates in State College's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.44% during the period.

Appreciation rates are so strong in State College that despite a nationwide downturn in the housing market, State College real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, State College appreciation rates continue to be some of the highest in America, at 6.76%, which is higher than appreciation rates in 72.88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in State College. State College appreciation rates in the latest quarter were at -3.67%, which equates to an annual appreciation rate of -13.89%.

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 higher than 70% 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

$394,069

State College, PA Home Prices
> $1,254,000
$941,001 - $1,254,000
$627,001 - $941,000
$502,001 - $627,000
$376,001 - $502,000
$251,001 - $376,000
$126,001 - $251,000
$63,001 - $126,000
$0 - $63,000
1.3%
1.3%
7.9%
7.9%
14.1%
14.1%
23.8%
23.8%
16.3%
16.3%
29.0%
29.0%
5.8%
5.8%
0.1%
0.1%
1.7%
1.7%
0% 100.0%
% of Homes
Very High

for Pennsylvania

High

for nation

Number of Homes And Apartments:

11,357

State College Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,738 / per month

Homeownership Rate

Owners
Renters
17.5%
17.5%
82.5%
82.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.0%
13.0%
87.0%
87.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.0%
6.0%
49.9%
49.9%
32.1%
32.1%
11.9%
11.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
25.6%
25.6%
8.7%
8.7%
8.0%
8.0%
57.1%
57.1%
0.5%
0.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
12.1%
12.1%
23.4%
23.4%
27.9%
27.9%
19.6%
19.6%
13.1%
13.1%
3.8%
3.8%
0% 100.0%
% of Homes