Binghamton, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Binghamton, NY Real Estate Data

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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Binghamton Housing Market Information

With a population of 46,032, 19,929 total housing units (homes and apartments), and a median house value of $88,278, 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 40.47% 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 ( 33.61%), large apartment complexes or high rise apartments ( 22.91%), and a few row houses and other attached homes ( 2.78%).

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 ( 49.85%), 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 ( 36.71%), followed by between 1970-1999 ( 12.11%). There's also some housing in Binghamton built between 2000 and later ( 1.32%).

Vacant housing appears to be an issue in Binghamton. Fully 16.55% 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

Real estate appreciation rates in Binghamton's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.02% during the period.

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 3.46%, 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 3.72%, which equates to an annual appreciation rate of 15.73%.

Importantly, this makes Binghamton 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 Binghamton's latest annual appreciation rate is higher than 60% 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

 

Median Home Value:
$88,278

Binghamton, NY HOME PRICES

Value Range
> $1,026,000 0.0
$770,001 - $1,026,000 0.0
$513,001 - $770,000 0.8
$410,001 - $513,000 0.4
$308,001 - $410,000 1.0
$205,001 - $308,000 4.8
$103,001 - $205,000 26.5
$51,001 - $103,000 55.6
$0 - $51,000 10.8

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
86.0384097429592 91.5461624026696

Number Of Homes And Apartments:
19,929

Binghamton Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
39.84% 1.93% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$819 / per month

Homeownership Rate

Homeownership
Owners 43.80
Renters 56.20
Vacant 16.55

Housing Market Details

 

Age of Homes

AGE OF Binghamton HOMES
2000 or Newer 1.3
1970 - 1999 12.1
1940 - 1969 36.7
1939 or Older 49.8

Types of Homes

TYPE OF Binghamton HOMES
Single-Family 40.5
Townhomes 2.8
Small Apt. Buildings 33.6
Apt. Complexes 22.9
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Binghamton HOMES
No Bedroom 4.43
1 Bedroom 18.84
2 Bedrooms 29.57
3 Bedrooms 31.08
4 Bedrooms 11.78
5 or more bedrooms 4.30