Elmira appreciation rates and housing market information
Elmira housing market information
With 29,362 people, 10,991 houses or apartments, and a median cost of homes of $68,855, house prices in Elmira are some of the most affordable in New York as well as the nation.
Single-family detached homes are the single most common housing type in Elmira, accounting for 50.43% of the city's housing units. Other types of housing that are prevalent in Elmira include duplexes, homes converted to apartments or other small apartment buildings (32.51%), large apartment complexes or high rise apartments (14.01%), and a few row houses and other attached homes (3.05%).
The most prevalent building size and type in Elmira are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.05% owning and 49.95% renting.
The housing in Elmira was primarily built before 1939 (65.75%), making the housing stock in Elmira some of the oldest overall in America, although there is a range of ages of homes in Elmira. The next most important housing age is between 1940-1969 (24.43%), followed by between 1970-1999 (8.73%). There's also some housing in Elmira built between 2000 and later (1.09%).
Vacant housing appears to be an issue in Elmira. Fully 10.44% of the housing stock is classified as vacant. Left unchecked, vacant Elmira homes and apartments can be a drag on the real estate market, holding Elmira 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.
Elmira home appreciation rates
Appreciation rates for homes in Elmira have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.28%, which ranks in the top 50% nationwide. This equates to an annual average Elmira house appreciation rate of 1.61%.
Over the last year, Elmira appreciation rates have trailed the rest of the nation. In the last twelve months, Elmira's appreciation rate has been 0.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Elmira were at 1.87%, which equates to an annual appreciation rate of 7.67%.
Importantly, this makes Elmira 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 New York, our data show that Elmira's latest annual appreciation rate is lower than 50% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elmira differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elmira - 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 1990, to assist you in making the best Elmira real estate investment or home purchase decisions.