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 80,179, 23,277 total housing units (homes and apartments), and a median house value of $142,398, house prices in Pharr 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 Pharr, accounting for 58.68% of the city's housing units. Other types of housing that are prevalent in Pharr include mobile homes or trailers ( 16.10%), duplexes, homes converted to apartments or other small apartment buildings ( 15.04%), and a few large apartment complexes or high rise apartments ( 7.22%).
The most prevalent building size and type in Pharr are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.62% owning and 41.38% renting.
Pharr homes and real estate are some of the newest in America. 50.70% of Pharr'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 Pharr real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 39.88%), and between 1940-1969 ( 8.99%).
Vacant housing appears to be an issue in Pharr. Fully 12.99% of the housing stock is classified as vacant. Left unchecked, vacant Pharr homes and apartments can be a drag on the real estate market, holding Pharr 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.
In the last 10 years, Pharr has experienced some of the highest home appreciation rates of any community in the nation. Pharr real estate appreciated 114.15% over the last ten years, which is an average annual home appreciation rate of 7.91%, putting Pharr in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pharr definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Pharr that despite a nationwide downturn in the housing market, Pharr real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pharr appreciation rates continue to be some of the highest in America, at 13.09%, which is higher than appreciation rates in 99.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pharr. Pharr appreciation rates in the latest quarter were at 1.87%, which equates to an annual appreciation rate of 7.68%.
Relative to Texas, our data show that Pharr's latest annual appreciation rate is higher than 90% of the other cities and towns in Texas.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Pharr differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pharr - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Pharr real estate investment or home purchase decisions.
$142,398
for Texas
for nation
23,277
$1,478 / per month