Norristown, Pennsylvania Housing Market Prices
Norristown Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% below the Pennsylvania median$121,653
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Median rent 18% above the Pennsylvania median$1,421
Housing Market Overview
| Metric | Norristown | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,653 | $152,469 | $248,835 |
| Price Trend (Annual %) | -3.4% | 3.7% | 7.5% |
| Median Gross Rent | $1,421 | $1,208 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norristown is about 20% lower than in Pennsylvania. Rent is about 18% higher than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Norristown: home prices fell about 3.4% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
Median rent in Norristown rose about 40.4% between 2015 and 2024, from $1,012 to $1,421. Over the same span, rent in Pennsylvania rose about 43.9%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Norristown.
Buying the median-priced home in Norristown costs roughly 7.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Norristown. The price-to-rent ratio in Pennsylvania is about 10.5.
| Metric | Norristown | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $121,653 | $152,469 | $248,835 |
| Median Household Income | $66,536 | $78,249 | $80,455 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Norristown fell about 35.5%, while median household income rose about 42.7% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Norristown | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.9% | 63.0% | 58.5% |
| Rental Rate | 52.3% | 27.9% | 31.2% |
| Vacancy Rate | 8.8% | 9.1% | 10.2% |
| Median Tenure (years) | 11.0 | 17.0 | 15.0 |
| Median Year Moved In | 2015 | 2009 | 2011 |
Norristown has a homeownership rate of 38.9%, lower than the Pennsylvania average of 63.0%. Its housing vacancy rate is 8.8%, compared with 9.1% in Pennsylvania.
Housing Stock
| Metric | Norristown | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.39 people | 2.53 people |
| Median Structure Built Year | 1954 | 1966 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Norristown was built around 1954. On average, 2.8 people live in a home with about 5.3 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Norristown, Pennsylvania.
What is the median home price in Norristown, Pennsylvania?
The median home price in Norristown, Pennsylvania is $121,653, lower than the Pennsylvania average of $152,469.
What is the average home price in Norristown, Pennsylvania?
The typical home price in Norristown, Pennsylvania, reported as the median sale price, is $121,653. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Norristown, Pennsylvania?
The median gross rent in Norristown, Pennsylvania is $1,421 per month, higher than the Pennsylvania average of $1,208.
What was the median gross rent in Norristown in 2020?
In 2020, the median gross rent in Norristown, Pennsylvania was $1,105 per month.
What is the price-to-rent ratio in Norristown, Pennsylvania?
The price-to-rent ratio in Norristown, Pennsylvania is about 7.1, meaning it would take roughly 7.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Norristown.
Are home prices or rent rising faster in Norristown, Pennsylvania?
Home prices and rent are moving in opposite directions in Norristown: home prices fell about 3.4% a year while rent rose about 4.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Norristown, Pennsylvania?
38.9% of households in Norristown, Pennsylvania own their home, lower than the Pennsylvania average of 63.0%.
What is the vacancy rate in Norristown, Pennsylvania?
The housing vacancy rate in Norristown, Pennsylvania is 8.8%, lower than the Pennsylvania average of 9.1%.
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