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 4,197, 1,976 total housing units (homes and apartments), and a median house value of $102,166, house prices in Farrell are some of the most affordable in Pennsylvania as well as the nation.
Single-family detached homes are the single most common housing type in Farrell, accounting for 70.48% of the city's housing units. Other types of housing that are prevalent in Farrell include duplexes, homes converted to apartments or other small apartment buildings ( 21.45%), row houses and other attached homes ( 4.08%), and a few large apartment complexes or high rise apartments ( 3.58%).
The most prevalent building size and type in Farrell are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.11% owning and 40.89% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Farrell's housing was primarily built during this period, from the '40s through the '60s. A full 39.68% of the city's housing hails from this era. Other housing ages represented in Farrell include homes built between 1970-1999 ( 28.84%) and housing constructed before 1939 ( 26.94%). There's also some housing in Farrell built between 2000 and later ( 4.54%).
Vacant housing appears to be an issue in Farrell. Fully 10.39% of the housing stock is classified as vacant. Left unchecked, vacant Farrell homes and apartments can be a drag on the real estate market, holding Farrell 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.
Real estate appreciation rates in Farrell's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.38% during the period.
NeighborhoodScout's data show that during the latest twelve months, Farrell's appreciation rate, at 5.42%, has been at or slightly above the national average. In the latest quarter, Farrell's appreciation rate has been 2.48%, which annualizes to a rate of 10.29%.
Relative to Pennsylvania, our data show that Farrell's latest annual appreciation rate is lower than 60% of the other cities and towns in Pennsylvania.
$102,166
for Pennsylvania
for nation
1,976
$1,005 / per month