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 28,213 people, 10,391 houses or apartments, and a median cost of homes of $71,039, house prices in Elmira 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 Elmira, accounting for 48.21% of the city's housing units. Other types of housing that are prevalent in Elmira include duplexes, homes converted to apartments or other small apartment buildings ( 30.37%), large apartment complexes or high rise apartments ( 15.79%), and a few row houses and other attached homes ( 5.62%).
The most prevalent building size and type in Elmira are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 37.61% owning and 62.39% renting.
The housing in Elmira was primarily built before 1939 ( 68.04%), making the housing stock in Elmira some of the oldest overall in America, although there is a range of ages of homes in Elmira. The next most important housing age is between 1940-1969 ( 23.81%), followed by between 1970-1999 ( 7.15%). There's also some housing in Elmira built between 2000 and later ( 1.00%).
Vacant housing appears to be an issue in Elmira. Fully 10.84% of the housing stock is classified as vacant. Left unchecked, vacant Elmira homes and apartments can be a drag on the real estate market, holding Elmira 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 Elmira have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.62%, which ranks in the top 50% nationwide. This equates to an annual average Elmira house appreciation rate of 0.26%.
Appreciation rates are so strong in Elmira that despite a nationwide downturn in the housing market, Elmira real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elmira appreciation rates continue to be some of the highest in America, at 12.70%, which is higher than appreciation rates in 98.20% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elmira. Elmira appreciation rates in the latest quarter were at 2.93%, which equates to an annual appreciation rate of 12.23%.
Importantly, NeighborhoodScout’s exclusive research found that Elmira's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to New York, our data show that Elmira's latest annual appreciation rate is higher 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 Elmira differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elmira - 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 Elmira real estate investment or home purchase decisions.
|$797,001 - $1,062,000||0.0|
|$531,001 - $797,000||0.4|
|$425,001 - $531,000||0.6|
|$319,001 - $425,000||1.6|
|$213,001 - $319,000||2.2|
|$106,001 - $213,000||8.7|
|$53,001 - $106,000||58.4|
|$0 - $53,000||28.0|
|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 Elmira HOMES|
|2000 or Newer||1.0|
|1970 - 1999||7.1|
|1940 - 1969||23.8|
|1939 or Older||68.0|
|TYPE OF Elmira HOMES|
|Small Apt. Buildings||30.4|
|SIZE OF Elmira HOMES|
|5 or more bedrooms||3.73|