West Chester, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

West Chester, PA Housing Market Trends

With a population of 20,029, 7,251 total housing units (homes and apartments), and a median house value of $422,922, West Chester house prices are not only among the most expensive in Pennsylvania, West Chester real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in West Chester, accounting for 36.27% of the borough's housing units. Other types of housing that are prevalent in West Chester include row houses and other attached homes ( 29.43%), single-family detached homes ( 17.43%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 16.87%). This particular housing mix is relatively uncommon and characteristic of boroughs that are compact and walkable, and which often have a lively downtown.

West Chester is dominated by renter-occupied one, two, or no bedrooms apartments. 70.36% of West Chester's dwellings are rentals.

The housing in West Chester was primarily built before 1939 ( 44.10%), making the housing stock in West Chester some of the oldest overall in America, although there is a range of ages of homes in West Chester. The next most important housing age is between 1940-1969 ( 23.20%), followed by between 1970-1999 ( 22.65%). There's also some housing in West Chester built between 2000 and later ( 10.04%).

West Chester Home Appreciation Rates

Appreciation rates for homes in West Chester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 46.45%, which ranks in the top 30% nationwide. This equates to an annual average West Chester house appreciation rate of 3.89%.

NeighborhoodScout's data show that during the latest twelve months, West Chester's appreciation rate, at 6.04%, has been at or slightly above the national average. In the latest quarter, West Chester's appreciation rate has been 2.65%, which annualizes to a rate of 11.03%.

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

Average Home Values

 

Median Home Value:
$422,922

West Chester, PA HOME PRICES

> $1,228,000
0.7%
0.7%
$921,001 - $1,228,000
5.0%
5.0%
$614,001 - $921,000
16.1%
16.1%
$491,001 - $614,000
18.3%
18.3%
$368,001 - $491,000
28.9%
28.9%
$246,001 - $368,000
24.6%
24.6%
$123,001 - $246,000
5.0%
5.0%
$61,001 - $123,000
1.1%
1.1%
$0 - $61,000
0.3%
0.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for PA

Value Relative To Nation

Number Of Homes And Apartments:
7,251

West Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
148.03% 4.42%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,660 / per month

Homeownership Rate

Owners
29.6%
29.6%
Renters
70.4%
70.4%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.0%
10.0%
1970 - 1999
22.7%
22.7%
1940 - 1969
23.2%
23.2%
1939 or Older
44.1%
44.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
17.4%
17.4%
Townhomes
29.4%
29.4%
Small Apt. Buildings
16.9%
16.9%
Apt. Complexes
36.3%
36.3%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.8%
4.8%
1 Bedroom
25.6%
25.6%
2 Bedrooms
25.9%
25.9%
3 Bedrooms
26.1%
26.1%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
6.5%
6.5%
0.0% 100.0%
% OF HOMES