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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 5,014, 2,127 total housing units (homes and apartments), and a median house value of $145,166, Penn Yan real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Penn Yan, accounting for 62.22% of the village's housing units. Other types of housing that are prevalent in Penn Yan include duplexes, homes converted to apartments or other small apartment buildings ( 20.18%), large apartment complexes or high rise apartments ( 15.14%), and a few row houses and other attached homes ( 1.50%).
The most prevalent building size and type in Penn Yan are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 46.90% owning and 53.10% renting.
The housing in Penn Yan was primarily built before 1939 ( 57.67%), making the housing stock in Penn Yan some of the oldest overall in America, although there is a range of ages of homes in Penn Yan. The next most important housing age is between 1940-1969 ( 24.40%), followed by between 1970-1999 ( 14.35%). There's also some housing in Penn Yan built between 2000 and later ( 3.59%).
Vacant housing appears to be an issue in Penn Yan. Fully 11.30% of the housing stock is classified as vacant. Left unchecked, vacant Penn Yan homes and apartments can be a drag on the real estate market, holding Penn Yan 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.
In the last 10 years, Penn Yan has experienced some of the highest home appreciation rates of any community in the nation. Penn Yan real estate appreciated 23.17% over the last ten years, which is an average annual home appreciation rate of 2.11%, putting Penn Yan in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Penn Yan definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Penn Yan's appreciation rate, at 4.82%, has been at or slightly above the national average. In the latest quarter, Penn Yan's appreciation rate has been -0.57%, which annualizes to a rate of -2.26%.
Notably, Penn Yan's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Penn Yan's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.
|$832,001 - $1,108,000||3.5|
|$554,001 - $832,000||3.9|
|$444,001 - $554,000||2.9|
|$332,001 - $444,000||4.2|
|$221,001 - $332,000||8.5|
|$111,001 - $221,000||42.0|
|$55,001 - $111,000||28.2|
|$0 - $55,000||4.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Penn Yan HOMES|
|2000 or Newer||3.6|
|1970 - 1999||14.3|
|1940 - 1969||24.4|
|1939 or Older||57.7|
|TYPE OF Penn Yan HOMES|
|Small Apt. Buildings||20.2|
|SIZE OF Penn Yan HOMES|
|5 or more bedrooms||5.13|