Saranac Lake, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Saranac Lake, NY Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Saranac Lake Housing Market Information

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.

Saranac Lake Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$191,788

Saranac Lake, NY HOME PRICES

Value Range
> $1,029,000 4.8
$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

Average for NY
High for Nation

Value Relative to Nation Value Relative to State
34.3724364232978 46.3524130190797

Number Of Homes And Apartments:
2,542

Saranac Lake Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
76.81% 3.36% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$948 / per month

Homeownership Rate

Homeownership
Owners 46.28
Renters 53.72
Vacant 19.61

Housing Market Details

 

Age of Homes

AGE OF Saranac Lake HOMES
2000 or Newer 2.7
1970 - 1999 18.6
1940 - 1969 16.4
1939 or Older 62.3

Types of Homes

TYPE OF Saranac Lake HOMES
Single-Family 43.5
Townhomes 0.9
Small Apt. Buildings 22.4
Apt. Complexes 29.7
Mobile Homes 2.5
Other 0.9

Home Size

SIZE OF Saranac Lake HOMES
No Bedroom 8.13
1 Bedroom 22.80
2 Bedrooms 29.82
3 Bedrooms 23.69
4 Bedrooms 12.33
5 or more bedrooms 3.23

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