Palmyra, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Palmyra, NY Real Estate Data


Palmyra Housing Market Information

With a population of 3,413, 1,426 total housing units (homes and apartments), and a median house value of $107,785, house prices in Palmyra are solidly below the national average.

Single-family detached homes are the single most common housing type in Palmyra, accounting for 53.35% of the village's housing units. Other types of housing that are prevalent in Palmyra include duplexes, homes converted to apartments or other small apartment buildings ( 25.31%), large apartment complexes or high rise apartments ( 17.57%), and a few row houses and other attached homes ( 2.99%).

People in Palmyra primarily live in small (one, two or no bedroom) single-family detached homes. Palmyra has a mixture of owner-occupied and renter-occupied housing.

The housing in Palmyra was primarily built before 1939 ( 45.02%), making the housing stock in Palmyra some of the oldest overall in America, although there is a range of ages of homes in Palmyra. The next most important housing age is between 1940-1969 ( 32.01%), followed by between 1970-1999 ( 21.99%).

Palmyra Home Appreciation Rates

Appreciation rates for homes in Palmyra have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 14.18%, which ranks in the top 30% nationwide. This equates to an annual average Palmyra house appreciation rate of 1.33%.

Over the last year, Palmyra appreciation rates have trailed the rest of the nation. In the last twelve months, Palmyra's appreciation rate has been 3.47%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palmyra were at 2.93%, which equates to an annual appreciation rate of 12.25%.

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

Relative to New York, our data show that Palmyra's latest annual appreciation rate is higher than 50% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$107,785

Palmyra, NY HOME PRICES

Value Range
> $1,104,000 0.0
$828,001 - $1,104,000 0.0
$552,001 - $828,000 0.0
$442,001 - $552,000 0.0
$332,001 - $442,000 0.1
$221,001 - $332,000 0.2
$110,001 - $221,000 43.5
$55,001 - $110,000 54.4
$0 - $55,000 1.7

Low for NY
Low for Nation

Value Relative to Nation Value Relative to State
73.8068747438075 78.7878787878788

Number Of Homes And Apartments:
1,426

Rent & Ownership

 

Average Market Rent:
$839 / per month

Homeownership Rate

Homeownership
Owners 52.57
Renters 47.43
Vacant 7.22

Housing Market Details

 

Age of Homes

AGE OF Palmyra HOMES
2000 or Newer 1.0
1970 - 1999 22.0
1940 - 1969 32.0
1939 or Older 45.0

Types of Homes

TYPE OF Palmyra HOMES
Single-Family 53.4
Townhomes 3.0
Small Apt. Buildings 25.3
Apt. Complexes 17.6
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Palmyra HOMES
No Bedroom 1.82
1 Bedroom 12.56
2 Bedrooms 35.26
3 Bedrooms 36.17
4 Bedrooms 12.23
5 or more bedrooms 1.95

Palmyra 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
26.44% 1.39% 1 3
* 10 is highest

Popular Neighborhoods in Palmyra

Zip Codes in Palmyra, NY