Binghamton, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Binghamton, NY Housing Market Trends

With a population of 44,399, 19,691 total housing units (homes and apartments), and a median house value of $106,404, house prices in Binghamton 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 Binghamton, accounting for 37.94% of the city's housing units. Other types of housing that are prevalent in Binghamton include duplexes, homes converted to apartments or other small apartment buildings ( 35.57%), large apartment complexes or high rise apartments ( 22.75%), and a few row houses and other attached homes ( 2.99%).

People in Binghamton primarily live in small (one, two or no bedroom) single-family detached homes. Binghamton has a mixture of owner-occupied and renter-occupied housing.

The housing in Binghamton was primarily built before 1939 ( 48.77%), making the housing stock in Binghamton some of the oldest overall in America, although there is a range of ages of homes in Binghamton. The next most important housing age is between 1940-1969 ( 33.34%), followed by between 1970-1999 ( 15.56%). There's also some housing in Binghamton built between 2000 and later ( 2.33%).

Vacant housing appears to be an issue in Binghamton. Fully 16.07% of the housing stock is classified as vacant. Left unchecked, vacant Binghamton homes and apartments can be a drag on the real estate market, holding Binghamton 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.

Binghamton Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Binghamton, where house values have increased just 5.75%, which is annualized rate of 0.56%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Binghamton appreciation rates have trailed the rest of the nation. In the last twelve months, Binghamton's appreciation rate has been 3.99%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Binghamton were at -0.70%, which equates to an annual appreciation rate of -2.78%.

Notably, Binghamton's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Binghamton's latest annual appreciation rate is lower than 90% 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 Binghamton differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Binghamton - 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 Binghamton real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$106,404

Binghamton, NY HOME PRICES

> $1,094,000
0.1%
0.1%
$820,001 - $1,094,000
0.1%
0.1%
$547,001 - $820,000
1.0%
1.0%
$438,001 - $547,000
1.3%
1.3%
$328,001 - $438,000
1.2%
1.2%
$218,001 - $328,000
6.7%
6.7%
$109,001 - $218,000
28.4%
28.4%
$55,001 - $109,000
50.3%
50.3%
$0 - $55,000
10.8%
10.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
19,691

Binghamton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
54.63% 2.10%
1
3
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$936 / per month

Homeownership Rate

Owners
40.6%
40.6%
Renters
59.4%
59.4%
Vacant
16.1%
16.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
2.3%
2.3%
1970 - 1999
15.6%
15.6%
1940 - 1969
33.3%
33.3%
1939 or Older
48.8%
48.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
37.9%
37.9%
Townhomes
3.0%
3.0%
Small Apt. Buildings
35.6%
35.6%
Apt. Complexes
22.8%
22.8%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.8%
4.8%
1 Bedroom
17.1%
17.1%
2 Bedrooms
29.1%
29.1%
3 Bedrooms
31.7%
31.7%
4 Bedrooms
12.9%
12.9%
5 or more bedrooms
4.3%
4.3%
0.0% 100.0%
% OF HOMES