West Chester, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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West Chester, PA Real Estate Data


West Chester Housing Market Information

With a population of 19,842, 6,539 total housing units (homes and apartments), and a median house value of $335,055, 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 35.29% of the borough's housing units. Other types of housing that are prevalent in West Chester include row houses and other attached homes ( 28.71%), single-family detached homes ( 17.96%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 17.89%). 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.

West Chester is dominated by renter-occupied one, two, or no bedrooms apartments. 70.47% of West Chester's dwellings are rentals.

The housing in West Chester was primarily built before 1939 ( 53.11%), 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 ( 24.39%), followed by between 1970-1999 ( 19.39%). There's also some housing in West Chester built between 2000 and later ( 3.11%).

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 8.73%, which ranks in the top 40% nationwide. This equates to an annual average West Chester house appreciation rate of 0.84%.

NeighborhoodScout's data show that during the latest twelve months, West Chester's appreciation rate, at 4.93%, has been at or slightly above the national average. In the latest quarter, West Chester's appreciation rate has been 1.89%, which annualizes to a rate of 7.76%.

Relative to Pennsylvania, our data show that West Chester's latest annual appreciation rate is higher than 80% 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:
$335,055

West Chester, PA HOME PRICES

Value Range
> $1,143,000 0.3
$857,001 - $1,143,000 2.1
$571,001 - $857,000 7.5
$458,001 - $571,000 9.7
$343,001 - $458,000 26.0
$229,001 - $343,000 32.1
$115,001 - $229,000 16.7
$57,001 - $115,000 2.9
$0 - $57,000 2.7

Very High for PA
Very High for Nation

Value Relative to Nation Value Relative to State
13.661650172747 5.79710144927536

Number Of Homes And Apartments:
6,539

Rent & Ownership

 

Average Market Rent:
$1,486 / per month

Homeownership Rate

Homeownership
Owners 29.53
Renters 70.47
Vacant 4.60

Housing Market Details

 

Age of Homes

AGE OF West Chester HOMES
2000 or Newer 3.1
1970 - 1999 19.4
1940 - 1969 24.4
1939 or Older 53.1

Types of Homes

TYPE OF West Chester HOMES
Single-Family 18.0
Townhomes 28.7
Small Apt. Buildings 17.9
Apt. Complexes 35.3
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF West Chester HOMES
No Bedroom 4.68
1 Bedroom 25.09
2 Bedrooms 25.62
3 Bedrooms 25.66
4 Bedrooms 12.14
5 or more bedrooms 6.80

West Chester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
101.40% 4.20% 10 10
* 10 is highest