Ithaca, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Ithaca Neighborhoods Since 2000




Ithaca, NY Real Estate Data


Ithaca Housing Market Information

With a population of 30,788, 9,489 total housing units (homes and apartments), and a median house value of $323,630, real estate costs in Ithaca are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New York communities.

Large apartment complexes or high rise apartments are the single most common housing type in Ithaca, accounting for 39.91% 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 ( 29.16%), single-family detached homes ( 26.16%), and a few row houses and other attached homes ( 2.51%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Ithaca is dominated by renter-occupied one, two, or no bedrooms apartments. 79.70% of Ithaca's dwellings are rentals.

The housing in Ithaca was primarily built before 1939 ( 53.24%), 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 ( 25.06%), followed by between 1940-1969 ( 15.29%). There's also some housing in Ithaca built between 2000 and later ( 6.42%).

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 38.41% over the last ten years, which is an average annual home appreciation rate of 3.30%, 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 6.37%, which is higher than appreciation rates in 78.67% 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 4.00%, which equates to an annual appreciation rate of 16.99%.

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

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:
$323,630

Ithaca, NY HOME PRICES

Value Range
> $1,212,000 3.1
$908,001 - $1,212,000 5.0
$606,001 - $908,000 9.3
$485,001 - $606,000 4.1
$363,001 - $485,000 17.9
$242,001 - $363,000 25.2
$121,001 - $242,000 28.9
$61,001 - $121,000 2.9
$0 - $61,000 3.6

High for NY
Very High for Nation

Value Relative to Nation Value Relative to State
14.6512853545705 30.6397306397306

Number Of Homes And Apartments:
9,489

Rent & Ownership

 

Average Market Rent:
$1,554 / per month

Homeownership Rate

Homeownership
Owners 20.30
Renters 79.70
Vacant 9.12

Housing Market Details

 

Age of Homes

AGE OF Ithaca HOMES
2000 or Newer 6.4
1970 - 1999 25.1
1940 - 1969 15.3
1939 or Older 53.2

Types of Homes

TYPE OF Ithaca HOMES
Single-Family 26.2
Townhomes 2.5
Small Apt. Buildings 29.2
Apt. Complexes 39.9
Mobile Homes 2.3
Other 0.0

Home Size

SIZE OF Ithaca HOMES
No Bedroom 10.86
1 Bedroom 22.10
2 Bedrooms 22.49
3 Bedrooms 24.11
4 Bedrooms 12.59
5 or more bedrooms 7.85

Ithaca Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
119.11% 4.72% 10 10
* 10 is highest