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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 3,102, 1,258 total housing units (homes and apartments), and a median house value of $249,648, house prices in Myerstown are solidly below the national average.
Single-family detached homes are the single most common housing type in Myerstown, accounting for 46.20% of the borough's housing units. Other types of housing that are prevalent in Myerstown include row houses and other attached homes ( 21.61%), duplexes, homes converted to apartments or other small apartment buildings ( 20.73%), and a few large apartment complexes or high rise apartments ( 11.46%).
The most prevalent building size and type in Myerstown are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 60.47% owning and 39.53% renting.
The housing in Myerstown was primarily built before 1939 ( 48.76%), making the housing stock in Myerstown some of the oldest overall in America, although there is a range of ages of homes in Myerstown. The next most important housing age is between 1940-1969 ( 30.44%), followed by between 1970-1999 ( 20.15%).
Real estate appreciation rates in Myerstown's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.08% during the period.
Appreciation rates are so strong in Myerstown that despite a nationwide downturn in the housing market, Myerstown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Myerstown appreciation rates continue to be some of the highest in America, at 10.02%, which is higher than appreciation rates in 87.42% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Myerstown. Myerstown appreciation rates in the latest quarter were at -0.57%, which equates to an annual appreciation rate of -2.28%.
Notably, Myerstown's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Pennsylvania, our data show that Myerstown's latest annual appreciation rate is higher than 80% of the other cities and towns in Pennsylvania.
$249,648
for Pennsylvania
for nation
1,258
$1,575 / per month