Utica, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Utica Neighborhoods Since 2000




Utica, 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

Utica Housing Market Information

With a population of 61,100, 23,622 total housing units (homes and apartments), and a median house value of $80,504, house prices in Utica are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Utica, accounting for 40.21% of the city's housing units. Other types of housing that are prevalent in Utica include duplexes, homes converted to apartments or other small apartment buildings ( 40.07%), large apartment complexes or high rise apartments ( 17.43%), and a few row houses and other attached homes ( 1.81%).

The most prevalent building size and type in Utica are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.23% owning and 55.77% renting.

The housing in Utica was primarily built before 1939 ( 55.15%), making the housing stock in Utica some of the oldest overall in America, although there is a range of ages of homes in Utica. The next most important housing age is between 1940-1969 ( 31.18%), followed by between 1970-1999 ( 11.35%). There's also some housing in Utica built between 2000 and later ( 2.33%).

Vacant housing appears to be an issue in Utica. Fully 14.29% of the housing stock is classified as vacant. Left unchecked, vacant Utica homes and apartments can be a drag on the real estate market, holding Utica 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.

Utica Home Appreciation Rates

Appreciation rates for homes in Utica have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.07%, which ranks in the top 40% nationwide. This equates to an annual average Utica house appreciation rate of 0.59%.

NeighborhoodScout's data show that during the latest twelve months, Utica's appreciation rate, at 5.35%, has been at or slightly above the national average. In the latest quarter, Utica's appreciation rate has been -4.90%, which annualizes to a rate of -18.20%.

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

Relative to New York, our data show that Utica's latest annual appreciation rate is higher than 80% 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 Utica differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Utica - 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 Utica real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$80,504

Utica, NY HOME PRICES

Value Range
> $1,026,000 0.5
$770,001 - $1,026,000 0.2
$513,001 - $770,000 2.4
$411,001 - $513,000 0.4
$308,001 - $411,000 1.4
$206,001 - $308,000 2.3
$103,001 - $206,000 24.7
$51,001 - $103,000 45.9
$0 - $51,000 22.2

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
90.1763740771124 96.1840628507295

Number Of Homes And Apartments:
23,622

Utica 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
54.65% 2.56% 5 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$902 / per month

Homeownership Rate

Homeownership
Owners 44.23
Renters 55.77
Vacant 14.29

Housing Market Details

 

Age of Homes

AGE OF Utica HOMES
2000 or Newer 2.3
1970 - 1999 11.4
1940 - 1969 31.2
1939 or Older 55.1

Types of Homes

TYPE OF Utica HOMES
Single-Family 40.2
Townhomes 1.8
Small Apt. Buildings 40.1
Apt. Complexes 17.4
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Utica HOMES
No Bedroom 2.52
1 Bedroom 15.26
2 Bedrooms 23.90
3 Bedrooms 43.95
4 Bedrooms 10.90
5 or more bedrooms 3.47