Ithaca, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Ithaca Neighborhoods Since 2000




Ithaca, 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

Ithaca Housing Market Information

With a population of 30,788, 9,477 total housing units (homes and apartments), and a median house value of $281,979, 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 41.87% 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 ( 27.52%), single-family detached homes ( 26.30%), and a few row houses and other attached homes ( 2.61%). 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. 80.52% of Ithaca's dwellings are rentals.

The housing in Ithaca was primarily built before 1939 ( 50.72%), 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 ( 27.12%), followed by between 1940-1969 ( 15.08%). There's also some housing in Ithaca built between 2000 and later ( 7.08%).

Ithaca Home Appreciation Rates

In the last 10 years, Ithaca has experienced some of the highest home appreciation rates of any community in the nation. Ithaca real estate appreciated 42.05% over the last ten years, which is an average annual home appreciation rate of 3.57%, putting Ithaca in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Ithaca definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Ithaca that despite a nationwide downturn in the housing market, Ithaca real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ithaca appreciation rates continue to be some of the highest in America, at 7.40%, which is higher than appreciation rates in 83.50% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ithaca. Ithaca appreciation rates in the latest quarter were at 0.90%, which equates to an annual appreciation rate of 3.64%.

Relative to New York, our data show that Ithaca's latest annual appreciation rate is higher than 90% 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:
$281,979

Ithaca, NY HOME PRICES

Value Range
> $1,185,000 3.2
$888,001 - $1,185,000 2.9
$593,001 - $888,000 8.6
$474,001 - $593,000 5.2
$355,001 - $474,000 26.7
$237,001 - $355,000 23.1
$118,001 - $237,000 25.5
$59,001 - $118,000 2.0
$0 - $59,000 2.7

High for NY
Very High for Nation

Value Relative to Nation Value Relative to State
18.2468065158795 34.2312008978676

Number Of Homes And Apartments:
9,477

Ithaca 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
117.96% 4.62% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,399 / per month

Homeownership Rate

Homeownership
Owners 19.48
Renters 80.52
Vacant 8.47

Housing Market Details

 

Age of Homes

AGE OF Ithaca HOMES
2000 or Newer 7.1
1970 - 1999 27.1
1940 - 1969 15.1
1939 or Older 50.7

Types of Homes

TYPE OF Ithaca HOMES
Single-Family 26.3
Townhomes 2.6
Small Apt. Buildings 27.5
Apt. Complexes 41.9
Mobile Homes 1.7
Other 0.0

Home Size

SIZE OF Ithaca HOMES
No Bedroom 10.57
1 Bedroom 23.52
2 Bedrooms 22.65
3 Bedrooms 24.38
4 Bedrooms 12.36
5 or more bedrooms 6.53