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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.



Ithaca, NY 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 Q4 2023. 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

Ithaca, NY Housing Market Trends

With 32,870 people, 13,233 houses or apartments, and a median cost of homes of $417,389, Ithaca real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Ithaca, accounting for 42.13% of the city's housing units. Other types of housing that are prevalent in Ithaca include single-family detached homes ( 29.38%), duplexes, homes converted to apartments or other small apartment buildings ( 24.53%), and a few row houses and other attached homes ( 2.94%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Ithaca is dominated by renter-occupied one, two, or no bedrooms apartments. 79.34% of Ithaca's dwellings are rentals.

The housing in Ithaca was primarily built before 1939 ( 37.89%), making the housing stock in Ithaca some of the oldest overall in America, although there is a range of ages of homes in Ithaca. The next most important housing age is between 1970-1999 ( 28.85%), followed by between 1940-1969 ( 17.62%). There's also some housing in Ithaca built between 2000 and later ( 15.64%).

Vacant housing appears to be an issue in Ithaca. Fully 11.30% of the housing stock is classified as vacant. Left unchecked, vacant Ithaca homes and apartments can be a drag on the real estate market, holding Ithaca 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.

Ithaca Home Appreciation Rates

Ithaca's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ithaca during the period has been just 4.85%, which is lower than 70% of US communities.

Appreciation rates are so strong in Ithaca that despite a nationwide downturn in the housing market, Ithaca real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ithaca appreciation rates continue to be some of the highest in America, at 8.71%, which is higher than appreciation rates in 90.66% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ithaca. Ithaca appreciation rates in the latest quarter were at 1.97%, which equates to an annual appreciation rate of 8.13%.

Relative to New York, our data show that Ithaca's latest annual appreciation rate is higher than 70% 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 Ithaca differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ithaca - 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 Ithaca real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$417,389

Ithaca, NY Home Prices
> $1,324,000
$993,001 - $1,324,000
$662,001 - $993,000
$530,001 - $662,000
$398,001 - $530,000
$264,001 - $398,000
$132,001 - $264,000
$67,001 - $132,000
$0 - $67,000
0.5%
0.5%
2.2%
2.2%
17.9%
17.9%
11.4%
11.4%
28.7%
28.7%
23.3%
23.3%
10.1%
10.1%
4.7%
4.7%
1.2%
1.2%
0% 100.0%
% of Homes
High

for New york

High

for nation

Number of Homes And Apartments:

13,233

Ithaca Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,624 / per month

Homeownership Rate

Owners
Renters
20.7%
20.7%
79.3%
79.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.3%
11.3%
88.7%
88.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.6%
15.6%
28.9%
28.9%
17.6%
17.6%
37.9%
37.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
29.4%
29.4%
2.9%
2.9%
24.5%
24.5%
42.1%
42.1%
1.0%
1.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
8.2%
8.2%
22.7%
22.7%
26.0%
26.0%
25.7%
25.7%
11.0%
11.0%
6.5%
6.5%
0% 100.0%
% of Homes