Ithaca, NY Housing Market Trends
With 32,724 people, 13,842 houses or apartments, and a median cost of homes of $528,972, 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 42.69% of the city's housing units. Other types of housing that are prevalent in Ithaca include single-family detached homes ( 29.11%), duplexes, homes converted to apartments or other small apartment buildings ( 22.52%), and a few row houses and other attached homes ( 4.45%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Ithaca is dominated by renter-occupied one, two, or no bedrooms apartments. 78.32% of Ithaca's dwellings are rentals.
The housing in Ithaca was primarily built before 1939 ( 41.31%), 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 ( 27.91%), followed by between 1940-1969 ( 16.10%). There's also some housing in Ithaca built between 2000 and later ( 14.69%).
Vacant housing appears to be an issue in Ithaca. Fully 11.31% 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
Real estate appreciation rates in Ithaca's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.57% during the period.
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 4.55%, 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 0.97%, which equates to an annual appreciation rate of 3.92%.
Relative to New York, our data show that Ithaca's latest annual appreciation rate is lower 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.
Median Home Value
$528,972
High
for New york
Very High
for nation
Number of Homes And Apartments:
13,842
NY
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$2,386 / per month