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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 18,907, 6,714 total housing units (homes and apartments), and a median house value of $98,036, 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 45.82% 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 ( 32.45%), large apartment complexes or high rise apartments ( 20.95%).
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 ( 61.28%), 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 ( 25.02%), followed by between 1970-1999 ( 13.14%).
Vacant housing appears to be an issue in Cortland. Fully 11.97% 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.
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 3.16%, which ranks in the top 50% nationwide. This equates to an annual average Cortland house appreciation rate of 0.31%.
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 -1.18%, 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 -0.56%, which equates to an annual appreciation rate of -2.23%.
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 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 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.
|$785,001 - $1,047,000||0.7|
|$523,001 - $785,000||0.0|
|$418,001 - $523,000||0.0|
|$314,001 - $418,000||0.0|
|$210,001 - $314,000||6.4|
|$104,001 - $210,000||34.0|
|$52,001 - $104,000||56.1|
|$0 - $52,000||2.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Cortland HOMES|
|2000 or Newer||0.6|
|1970 - 1999||13.1|
|1940 - 1969||25.0|
|1939 or Older||61.3|
|TYPE OF Cortland HOMES|
|Small Apt. Buildings||32.5|
|SIZE OF Cortland HOMES|
|5 or more bedrooms||5.78|