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 5,274, 2,542 total housing units (homes and apartments), and a median house value of $191,788, Saranac Lake real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Saranac Lake, accounting for 43.55% of the village's housing units. Other types of housing that are prevalent in Saranac Lake include large apartment complexes or high rise apartments ( 29.70%), duplexes, homes converted to apartments or other small apartment buildings ( 22.42%), and a few mobile homes or trailers ( 2.53%).
People in Saranac Lake primarily live in small (one, two or no bedroom) single-family detached homes. Saranac Lake has a mixture of owner-occupied and renter-occupied housing.
The housing in Saranac Lake was primarily built before 1939 ( 62.33%), making the housing stock in Saranac Lake some of the oldest overall in America, although there is a range of ages of homes in Saranac Lake. The next most important housing age is between 1970-1999 ( 18.56%), followed by between 1940-1969 ( 16.41%). There's also some housing in Saranac Lake built between 2000 and later ( 2.69%).
Vacant housing appears to be an issue in Saranac Lake. Fully 19.61% of the housing stock is classified as vacant. Left unchecked, vacant Saranac Lake homes and apartments can be a drag on the real estate market, holding Saranac Lake 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.
Appreciation rates for homes in Saranac Lake have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.81%, which ranks in the top 50% nationwide. This equates to an annual average Saranac Lake house appreciation rate of 0.37%.
Over the last year, Saranac Lake appreciation rates have trailed the rest of the nation. In the last twelve months, Saranac Lake's appreciation rate has been -2.19%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Saranac Lake were at -0.56%, which equates to an annual appreciation rate of -2.23%.
Notably, Saranac Lake's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Saranac Lake's latest annual appreciation rate is lower than 90% of the other cities and towns in New York.
|$772,001 - $1,029,000||1.1|
|$515,001 - $772,000||6.1|
|$412,001 - $515,000||5.1|
|$309,001 - $412,000||7.9|
|$206,001 - $309,000||15.6|
|$103,001 - $206,000||39.6|
|$51,001 - $103,000||15.1|
|$0 - $51,000||4.8|
|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 Saranac Lake HOMES|
|2000 or Newer||2.7|
|1970 - 1999||18.6|
|1940 - 1969||16.4|
|1939 or Older||62.3|
|TYPE OF Saranac Lake HOMES|
|Small Apt. Buildings||22.4|
|SIZE OF Saranac Lake HOMES|
|5 or more bedrooms||3.23|