Herkimer, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Herkimer Neighborhoods Since 2000




Herkimer, NY Real Estate Data

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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Herkimer Housing Market Information

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.

Herkimer Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$107,775

Herkimer, NY HOME PRICES

Value Range
> $1,035,000 0.0
$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

Low for NY
Low for Nation

Value Relative to Nation Value Relative to State
72.70010547287 78.7878787878788

Number Of Homes And Apartments:
3,308

Herkimer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
58.14% 2.69% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$867 / per month

Homeownership Rate

Homeownership
Owners 39.93
Renters 60.07
Vacant 10.50

Housing Market Details

 

Age of Homes

AGE OF Herkimer HOMES
2000 or Newer 0.8
1970 - 1999 20.7
1940 - 1969 27.0
1939 or Older 51.6

Types of Homes

TYPE OF Herkimer HOMES
Single-Family 50.3
Townhomes 2.4
Small Apt. Buildings 25.4
Apt. Complexes 20.3
Mobile Homes 1.6
Other 0.0

Home Size

SIZE OF Herkimer HOMES
No Bedroom 0.46
1 Bedroom 18.24
2 Bedrooms 25.87
3 Bedrooms 38.31
4 Bedrooms 15.23
5 or more bedrooms 1.89

Zip Codes in Herkimer, NY