Solvay, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Solvay, 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

Solvay Housing Market Information

With a population of 6,425, 2,896 total housing units (homes and apartments), and a median house value of $119,832, house prices in Solvay are solidly below the national average.

Single-family detached homes are the single most common housing type in Solvay, accounting for 56.29% of the village's housing units. Other types of housing that are prevalent in Solvay include duplexes, homes converted to apartments or other small apartment buildings ( 27.21%), large apartment complexes or high rise apartments ( 14.54%), and a few row houses and other attached homes ( 1.43%).

The most prevalent building size and type in Solvay are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 54.99% owning and 45.01% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Solvay's housing was primarily built during this period, from the '40s through the '60s. A full 41.91% of the village's housing hails from this era. Other housing ages represented in Solvay include homes built before 1939 ( 39.83%) and housing constructed between 1970-1999 ( 17.21%). There's also some housing in Solvay built between 2000 and later ( 1.06%).

Vacant housing appears to be an issue in Solvay. Fully 10.03% of the housing stock is classified as vacant. Left unchecked, vacant Solvay homes and apartments can be a drag on the real estate market, holding Solvay 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.

Solvay Home Appreciation Rates

Appreciation rates for homes in Solvay have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.81%, which ranks in the top 50% nationwide. This equates to an annual average Solvay house appreciation rate of 0.08%.

Over the last year, Solvay appreciation rates have trailed the rest of the nation. In the last twelve months, Solvay's appreciation rate has been -0.83%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Solvay were at -1.68%, which equates to an annual appreciation rate of -6.55%.

Notably, Solvay's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Solvay's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$119,832

Solvay, NY HOME PRICES

Value Range
> $1,027,000 0.4
$771,001 - $1,027,000 0.4
$514,001 - $771,000 1.4
$411,001 - $514,000 1.8
$308,001 - $411,000 0.8
$205,001 - $308,000 3.3
$103,001 - $205,000 46.0
$52,001 - $103,000 42.4
$0 - $52,000 3.5

Low for NY
Low for Nation

Value Relative to Nation Value Relative to State
65.4576350638697 73.0639730639731

Number Of Homes And Apartments:
2,896

Solvay 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
31.64% 1.61% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$696 / per month

Homeownership Rate

Homeownership
Owners 54.99
Renters 45.01
Vacant 10.03

Housing Market Details

 

Age of Homes

AGE OF Solvay HOMES
2000 or Newer 1.1
1970 - 1999 17.2
1940 - 1969 41.9
1939 or Older 39.8

Types of Homes

TYPE OF Solvay HOMES
Single-Family 56.3
Townhomes 1.4
Small Apt. Buildings 27.2
Apt. Complexes 14.5
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Solvay HOMES
No Bedroom 2.80
1 Bedroom 13.23
2 Bedrooms 21.81
3 Bedrooms 37.15
4 Bedrooms 21.53
5 or more bedrooms 3.48