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 1,495 people, 846 houses or apartments, and a median cost of homes of $332,607, Mercersburg real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Mercersburg, accounting for 57.93% of the borough's housing units. Other types of housing that are prevalent in Mercersburg include duplexes, homes converted to apartments or other small apartment buildings ( 16.96%), row houses and other attached homes ( 12.72%), and a few large apartment complexes or high rise apartments ( 11.52%).
The most prevalent building size and type in Mercersburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 56.33% owning and 43.67% renting.
The housing in Mercersburg was primarily built before 1939 ( 45.43%), making the housing stock in Mercersburg some of the oldest overall in America, although there is a range of ages of homes in Mercersburg. The next most important housing age is between 1940-1969 ( 23.91%), followed by between 1970-1999 ( 21.20%). There's also some housing in Mercersburg built between 2000 and later ( 9.46%).
Real estate appreciation rates in Mercersburg's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.24% during the period.
Appreciation rates are so strong in Mercersburg that despite a nationwide downturn in the housing market, Mercersburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mercersburg appreciation rates continue to be some of the highest in America, at 11.77%, which is higher than appreciation rates in 93.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mercersburg. Mercersburg appreciation rates in the latest quarter were at 6.55%, which equates to an annual appreciation rate of 28.91%.
Importantly, this makes Mercersburg 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 Mercersburg's latest annual appreciation rate is higher than 90% of the other cities and towns in Pennsylvania.
$332,607
for Pennsylvania
for nation
846
$1,602 / per month