Cortland, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cortland, NY Real Estate Data


Cortland Housing Market Information

With a population of 18,907, 6,732 total housing units (homes and apartments), and a median house value of $106,910, house prices in Cortland are solidly below the national average.

Single-family detached homes are the single most common housing type in Cortland, accounting for 46.19% of the city's housing units. Other types of housing that are prevalent in Cortland include duplexes, homes converted to apartments or other small apartment buildings ( 30.87%), large apartment complexes or high rise apartments ( 22.63%).

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

The housing in Cortland was primarily built before 1939 ( 61.55%), making the housing stock in Cortland some of the oldest overall in America, although there is a range of ages of homes in Cortland. The next most important housing age is between 1940-1969 ( 25.19%), followed by between 1970-1999 ( 12.74%).

Vacant housing appears to be an issue in Cortland. Fully 10.74% of the housing stock is classified as vacant. Left unchecked, vacant Cortland homes and apartments can be a drag on the real estate market, holding Cortland 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.

Cortland Home Appreciation Rates

Appreciation rates for homes in Cortland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 14.09%, which ranks in the top 30% nationwide. This equates to an annual average Cortland house appreciation rate of 1.33%.

Over the last year, Cortland appreciation rates have trailed the rest of the nation. In the last twelve months, Cortland's appreciation rate has been 4.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cortland were at 0.41%, which equates to an annual appreciation rate of 1.66%.

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

Relative to New York, our data show that Cortland'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 Cortland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cortland - 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 Cortland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$106,910

Cortland, NY HOME PRICES

Value Range
> $1,119,000 0.0
$839,001 - $1,119,000 0.4
$560,001 - $839,000 0.0
$448,001 - $560,000 0.0
$336,001 - $448,000 0.0
$224,001 - $336,000 6.2
$112,001 - $224,000 32.9
$56,001 - $112,000 57.3
$0 - $56,000 3.2

Low for NY
Low for Nation

Value Relative to Nation Value Relative to State
74.4275926685015 79.1245791245791

Number Of Homes And Apartments:
6,732

Rent & Ownership

 

Average Market Rent:
$863 / per month

Homeownership Rate

Homeownership
Owners 38.65
Renters 61.35
Vacant 10.74

Housing Market Details

 

Age of Homes

AGE OF Cortland HOMES
2000 or Newer 0.5
1970 - 1999 12.7
1940 - 1969 25.2
1939 or Older 61.5

Types of Homes

TYPE OF Cortland HOMES
Single-Family 46.2
Townhomes 0.3
Small Apt. Buildings 30.9
Apt. Complexes 22.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Cortland HOMES
No Bedroom 3.58
1 Bedroom 21.28
2 Bedrooms 28.80
3 Bedrooms 27.08
4 Bedrooms 13.63
5 or more bedrooms 5.64

Cortland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
41.18% 2.05% 3 5
* 10 is highest