Ithaca, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Ithaca, NY Housing Market Trends

With a population of 30,837, 10,723 total housing units (homes and apartments), and a median house value of $293,423, Ithaca real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Ithaca, accounting for 43.70% of the city's housing units. Other types of housing that are prevalent in Ithaca include duplexes, homes converted to apartments or other small apartment buildings ( 26.72%), single-family detached homes ( 25.03%), and a few row houses and other attached homes ( 3.71%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Ithaca is dominated by renter-occupied one, two, or no bedrooms apartments. 80.68% of Ithaca's dwellings are rentals.

The housing in Ithaca was primarily built before 1939 ( 38.58%), making the housing stock in Ithaca some of the oldest overall in America, although there is a range of ages of homes in Ithaca. The next most important housing age is between 1970-1999 ( 28.05%), followed by between 1940-1969 ( 18.92%). There's also some housing in Ithaca built between 2000 and later ( 14.44%).

Vacant housing appears to be an issue in Ithaca. Fully 10.78% of the housing stock is classified as vacant. Left unchecked, vacant Ithaca homes and apartments can be a drag on the real estate market, holding Ithaca 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.

Ithaca Home Appreciation Rates

Appreciation rates for homes in Ithaca have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 38.25%, which ranks in the top 40% nationwide. This equates to an annual average Ithaca house appreciation rate of 3.29%.

Over the last year, Ithaca appreciation rates have trailed the rest of the nation. In the last twelve months, Ithaca's appreciation rate has been 4.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ithaca were at 0.95%, which equates to an annual appreciation rate of 3.85%.

Notably, Ithaca's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Ithaca's latest annual appreciation rate is lower than 80% 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 Ithaca differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ithaca - 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 Ithaca real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$293,423

Ithaca, NY HOME PRICES

> $1,128,000
2.8%
2.8%
$846,001 - $1,128,000
1.4%
1.4%
$564,001 - $846,000
9.7%
9.7%
$451,001 - $564,000
7.5%
7.5%
$338,001 - $451,000
21.0%
21.0%
$226,001 - $338,000
31.5%
31.5%
$113,001 - $226,000
22.0%
22.0%
$56,001 - $113,000
1.4%
1.4%
$0 - $56,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for NY

Value Relative To Nation

Number Of Homes And Apartments:
10,723

Ithaca Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
123.97% 3.91%
9
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,526 / per month

Homeownership Rate

Owners
19.3%
19.3%
Renters
80.7%
80.7%
Vacant
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.4%
14.4%
1970 - 1999
28.0%
28.0%
1940 - 1969
18.9%
18.9%
1939 or Older
38.6%
38.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
25.0%
25.0%
Townhomes
3.7%
3.7%
Small Apt. Buildings
26.7%
26.7%
Apt. Complexes
43.7%
43.7%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
12.3%
12.3%
1 Bedroom
23.1%
23.1%
2 Bedrooms
27.2%
27.2%
3 Bedrooms
24.0%
24.0%
4 Bedrooms
9.2%
9.2%
5 or more bedrooms
4.2%
4.2%
0.0% 100.0%
% OF HOMES