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 213 people, 141 houses or apartments, and a median cost of homes of $247,565, house prices in Orrstown are solidly below the national average.
Single-family detached homes are the single most common housing type in Orrstown, accounting for 54.09% of the borough's housing units. Other types of housing that are prevalent in Orrstown include large apartment complexes or high rise apartments ( 30.19%), row houses and other attached homes ( 9.43%), and a few mobile homes or trailers ( 3.14%).
The most prevalent building size and type in Orrstown are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 60.08% owning and 39.92% renting.
The housing in Orrstown was primarily built before 1939 ( 50.94%), making the housing stock in Orrstown some of the oldest overall in America, although there is a range of ages of homes in Orrstown. The next most important housing age is between 1940-1969 ( 45.28%), followed by between 1970-1999 ( 3.14%).
Vacant housing appears to be an issue in Orrstown. Fully 11.32% of the housing stock is classified as vacant. Left unchecked, vacant Orrstown homes and apartments can be a drag on the real estate market, holding Orrstown 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Orrstown, where house values have increased just 52.99%, which is annualized rate of 4.34%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Orrstown that despite a nationwide downturn in the housing market, Orrstown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Orrstown appreciation rates continue to be some of the highest in America, at 11.46%, which is higher than appreciation rates in 92.39% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Orrstown. Orrstown appreciation rates in the latest quarter were at 6.55%, which equates to an annual appreciation rate of 28.91%.
Importantly, this makes Orrstown one of the highest appreciating communities in the nation for the latest quarter, and may signal the borough's near-future real estate investment strength.
Relative to Pennsylvania, our data show that Orrstown's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.
$247,565
for Pennsylvania
for nation
141
$1,349 / per month