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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Penitas, TX 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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Penitas, TX Housing Market Trends

With a population of 6,340, 1,579 total housing units (homes and apartments), and a median house value of $143,902, house prices in Penitas are some of the most affordable in Texas as well as the nation.

Single-family detached homes are the single most common housing type in Penitas, accounting for 71.78% of the city's housing units. Other types of housing that are prevalent in Penitas include large apartment complexes or high rise apartments ( 11.90%), mobile homes or trailers ( 7.86%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.87%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Penitas. Owner-occupied housing accounts for 81.25% of Penitas's homes, and 69.29% have either three or four bedrooms, which is average sized relative to America.

Penitas homes and real estate are some of the newest in America. 73.93% of Penitas's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Penitas real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 22.91%), and between 1940-1969 ( 1.88%). There's also some housing in Penitas built before 1939 ( 1.27%).

Vacant housing appears to be an issue in Penitas. Fully 12.62% of the housing stock is classified as vacant. Left unchecked, vacant Penitas homes and apartments can be a drag on the real estate market, holding Penitas 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.

Penitas Home Appreciation Rates

Appreciation rates for homes in Penitas have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.55%, which ranks in the top 50% nationwide. This equates to an annual average Penitas house appreciation rate of 6.94%.

Over the last year, Penitas appreciation rates have trailed the rest of the nation. In the last twelve months, Penitas's appreciation rate has been 1.59%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Penitas were at 8.04%, which equates to an annual appreciation rate of 36.25%.

Importantly, this makes Penitas one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Texas, our data show that Penitas's latest annual appreciation rate is lower than 80% of the other cities and towns in Texas.

Average Home Values

Median Home Value

$143,902

Penitas, TX Home Prices
> $1,395,000
$1,046,001 - $1,395,000
$697,001 - $1,046,000
$558,001 - $697,000
$419,001 - $558,000
$279,001 - $419,000
$140,001 - $279,000
$69,001 - $140,000
$0 - $69,000
0.0%
0.0%
0.4%
0.4%
0.0%
0.0%
0.0%
0.0%
0.1%
0.1%
16.3%
16.3%
25.8%
25.8%
40.8%
40.8%
16.6%
16.6%
0% 100.0%
% of Homes
Very Low

for Texas

Very Low

for nation

Number of Homes And Apartments:

1,579

Penitas Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,230 / per month

Homeownership Rate

Owners
Renters
81.3%
81.3%
18.7%
18.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.6%
12.6%
87.4%
87.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
73.9%
73.9%
22.9%
22.9%
1.9%
1.9%
1.3%
1.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.8%
71.8%
0.0%
0.0%
5.9%
5.9%
11.9%
11.9%
7.9%
7.9%
2.6%
2.6%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
2.8%
2.8%
23.6%
23.6%
44.4%
44.4%
24.8%
24.8%
2.7%
2.7%
0% 100.0%
% of Homes