Penfield, 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

Penfield, NY Housing Market Trends

With a population of 20,070, 2,313 total housing units (homes and apartments), and a median house value of $272,947, Penfield real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Penfield, accounting for 75.28% of the town's housing units. Other types of housing that are prevalent in Penfield include large apartment complexes or high rise apartments ( 10.90%), row houses and other attached homes ( 10.73%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.10%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Penfield. Owner-occupied housing accounts for 82.45% of Penfield's homes, and 65.87% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Penfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Penfield built between 1940-1969 ( 27.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.54%). There's also some housing in Penfield built before 1939 ( 7.85%).

Penfield Home Appreciation Rates

Real estate appreciation rates in Penfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.71% during the period.

Appreciation rates are so strong in Penfield that despite a nationwide downturn in the housing market, Penfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Penfield appreciation rates continue to be some of the highest in America, at 6.57%, which is higher than appreciation rates in 77.51% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Penfield. Penfield appreciation rates in the latest quarter were at 3.09%, which equates to an annual appreciation rate of 12.94%.

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

Relative to New York, our data show that Penfield's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$272,947

Penfield, NY HOME PRICES

> $1,161,000
0.5%
0.5%
$871,001 - $1,161,000
0.2%
0.2%
$580,001 - $871,000
0.8%
0.8%
$464,001 - $580,000
2.4%
2.4%
$348,001 - $464,000
13.1%
13.1%
$232,001 - $348,000
35.3%
35.3%
$116,001 - $232,000
44.6%
44.6%
$58,001 - $116,000
2.0%
2.0%
$0 - $58,000
1.0%
1.0%
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:
2,313

Penfield 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
57.98% 2.20%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,190 / per month

Homeownership Rate

Owners
82.4%
82.4%
Renters
17.6%
17.6%
Vacant
3.7%
3.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.5%
11.5%
1970 - 1999
53.0%
53.0%
1940 - 1969
27.6%
27.6%
1939 or Older
7.9%
7.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
75.3%
75.3%
Townhomes
10.7%
10.7%
Small Apt. Buildings
3.1%
3.1%
Apt. Complexes
10.9%
10.9%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.3%
2.3%
1 Bedroom
6.4%
6.4%
2 Bedrooms
18.1%
18.1%
3 Bedrooms
33.7%
33.7%
4 Bedrooms
32.1%
32.1%
5 or more bedrooms
7.3%
7.3%
0.0% 100.0%
% OF HOMES