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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 7,234 people, 3,120 houses or apartments, and a median cost of homes of $147,487, 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 47.09% 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 ( 27.13%), large apartment complexes or high rise apartments ( 24.51%), and a few row houses and other attached homes ( 1.27%).

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 ( 56.36%), 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 ( 21.22%), followed by between 1970-1999 ( 20.55%). There's also some housing in Herkimer built between 2000 and later ( 1.86%).

Vacant housing appears to be an issue in Herkimer. Fully 15.86% 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

Herkimer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Herkimer during the period has been just 3.81%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Herkimer's appreciation rate, at 17.04%, has been at or slightly above the national average. In the latest quarter, Herkimer's appreciation rate has been 1.68%, which annualizes to a rate of 6.89%.

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:
$147,487

Herkimer, NY HOME PRICES

> $1,279,000
$959,001 - $1,279,000
$639,001 - $959,000
$512,001 - $639,000
$384,001 - $512,000
$256,001 - $384,000
$128,001 - $256,000
$64,001 - $128,000
$0 - $64,000
0.1%
0.1%
0.0%
0.0%
0.8%
0.8%
0.0%
0.0%
1.6%
1.6%
12.9%
12.9%
29.4%
29.4%
44.6%
44.6%
10.7%
10.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Very Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
3,120

Herkimer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
119.80% 3.60%
5
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,147 / per month

Homeownership Rate

Owners
Renters
Vacant
45.5%
45.5%
54.5%
54.5%
15.9%
15.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
1.9%
1.9%
20.6%
20.6%
21.2%
21.2%
56.4%
56.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
47.1%
47.1%
1.3%
1.3%
27.1%
27.1%
24.5%
24.5%
0.0%
0.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.9%
5.9%
20.8%
20.8%
26.5%
26.5%
33.4%
33.4%
10.6%
10.6%
2.8%
2.8%
0.0% 100.0%
% OF HOMES