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 about Scout's Real Estate Data
With a population of 65,273, 22,824 total housing units (homes and apartments), and a median house value of $119,932, house prices in Schenectady are solidly below the national average.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Schenectady, accounting for 43.25% of the city's housing units. Other types of housing that are prevalent in Schenectady include single-family detached homes ( 36.76%), large apartment complexes or high rise apartments ( 17.72%), and a few row houses and other attached homes ( 2.10%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
The most prevalent building size and type in Schenectady are three and four bedroom dwellings. The city has a mixture of owners and renters, with 44.65% owning and 55.35% renting.
The housing in Schenectady was primarily built before 1939 ( 54.16%), making the housing stock in Schenectady some of the oldest overall in America, although there is a range of ages of homes in Schenectady. The next most important housing age is between 1940-1969 ( 25.86%), followed by between 1970-1999 ( 17.92%). There's also some housing in Schenectady built between 2000 and later ( 2.06%).
Vacant housing appears to be an issue in Schenectady. Fully 28.43% of the housing stock is classified as vacant. Left unchecked, vacant Schenectady homes and apartments can be a drag on the real estate market, holding Schenectady 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.
Schenectady's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Schenectady during the period has been just 1.51%, which is lower than 80% of US communities.
Appreciation rates are so strong in Schenectady that despite a nationwide downturn in the housing market, Schenectady real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Schenectady appreciation rates continue to be some of the highest in America, at 10.78%, which is higher than appreciation rates in 93.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Schenectady. Schenectady appreciation rates in the latest quarter were at 2.77%, which equates to an annual appreciation rate of 11.55%.
Importantly, this makes Schenectady one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New York, our data show that Schenectady's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Schenectady differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Schenectady - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Schenectady real estate investment or home purchase decisions.
Low for Nation
Very Low for NY