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 7,519, 3,308 total housing units (homes and apartments), and a median house value of $107,775, house prices in Herkimer are solidly below the national average.
Single-family detached homes are the single most common housing type in Herkimer, accounting for 50.32% of the village's housing units. Other types of housing that are prevalent in Herkimer include duplexes, homes converted to apartments or other small apartment buildings ( 25.35%), large apartment complexes or high rise apartments ( 20.29%), and a few row houses and other attached homes ( 2.44%).
The most prevalent building size and type in Herkimer are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 39.93% owning and 60.07% renting.
The housing in Herkimer was primarily built before 1939 ( 51.57%), making the housing stock in Herkimer some of the oldest overall in America, although there is a range of ages of homes in Herkimer. The next most important housing age is between 1940-1969 ( 26.98%), followed by between 1970-1999 ( 20.67%).
Vacant housing appears to be an issue in Herkimer. Fully 10.50% of the housing stock is classified as vacant. Left unchecked, vacant Herkimer homes and apartments can be a drag on the real estate market, holding Herkimer 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 Herkimer have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.71%, which ranks in the top 30% nationwide. This equates to an annual average Herkimer house appreciation rate of 1.02%.
Over the last year, Herkimer appreciation rates have trailed the rest of the nation. In the last twelve months, Herkimer's appreciation rate has been 1.99%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Herkimer were at -4.90%, which equates to an annual appreciation rate of -18.20%.
Notably, Herkimer's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Herkimer's latest annual appreciation rate is lower than 50% of the other cities and towns in New York.
|$777,001 - $1,035,000||0.0|
|$518,001 - $777,000||0.8|
|$414,001 - $518,000||0.0|
|$311,001 - $414,000||0.4|
|$207,001 - $311,000||4.3|
|$104,001 - $207,000||29.0|
|$52,001 - $104,000||59.1|
|$0 - $52,000||6.4|
|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 Herkimer HOMES|
|2000 or Newer||0.8|
|1970 - 1999||20.7|
|1940 - 1969||27.0|
|1939 or Older||51.6|
|TYPE OF Herkimer HOMES|
|Small Apt. Buildings||25.4|
|SIZE OF Herkimer HOMES|
|5 or more bedrooms||1.89|