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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Herkimer, NY Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Herkimer, NY Housing Market Trends

With a population of 7,298, 3,042 total housing units (homes and apartments), and a median house value of $176,370, 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 51.19% 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 ( 24.57%), large apartment complexes or high rise apartments ( 23.22%).

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

The housing in Herkimer was primarily built before 1939 ( 55.75%), 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 1970-1999 ( 26.73%), followed by between 1940-1969 ( 16.92%).

Vacant housing appears to be an issue in Herkimer. Fully 15.92% 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.

Herkimer Home Appreciation Rates

Real estate appreciation rates in Herkimer's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.92% during the period.

Appreciation rates are so strong in Herkimer that despite a nationwide downturn in the housing market, Herkimer real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Herkimer appreciation rates continue to be some of the highest in America, at 10.17%, which is higher than appreciation rates in 95.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Herkimer. Herkimer appreciation rates in the latest quarter were at 4.94%, which equates to an annual appreciation rate of 21.27%.

Importantly, this makes Herkimer one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to New York, our data show that Herkimer's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.

Average Home Values

Median Home Value

$176,370

Herkimer, NY Home Prices
> $1,311,000
$983,001 - $1,311,000
$656,001 - $983,000
$525,001 - $656,000
$393,001 - $525,000
$262,001 - $393,000
$131,001 - $262,000
$65,001 - $131,000
$0 - $65,000
0.1%
0.1%
0.0%
0.0%
2.0%
2.0%
0.7%
0.7%
0.7%
0.7%
13.0%
13.0%
38.3%
38.3%
39.0%
39.0%
6.2%
6.2%
0% 100.0%
% of Homes
Very Low

for New york

Low

for nation

Number of Homes And Apartments:

3,042

Herkimer Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,212 / per month

Homeownership Rate

Owners
Renters
49.5%
49.5%
50.5%
50.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
15.9%
15.9%
84.1%
84.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
0.6%
0.6%
26.7%
26.7%
16.9%
16.9%
55.7%
55.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
51.2%
51.2%
0.7%
0.7%
24.6%
24.6%
23.2%
23.2%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.1%
5.1%
15.0%
15.0%
29.8%
29.8%
33.6%
33.6%
13.5%
13.5%
3.0%
3.0%
0% 100.0%
% of Homes