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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Penn Yan, NY Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Penn Yan, NY Housing Market Trends

With a population of 5,075, 2,236 total housing units (homes and apartments), and a median house value of $223,465, house prices in Penn Yan are solidly below the national average.

Single-family detached homes are the single most common housing type in Penn Yan, accounting for 56.63% of the village's housing units. Other types of housing that are prevalent in Penn Yan include duplexes, homes converted to apartments or other small apartment buildings ( 26.24%), large apartment complexes or high rise apartments ( 15.57%), and a few mobile homes or trailers ( 1.14%).

People in Penn Yan primarily live in small (one, two or no bedroom) single-family detached homes. Penn Yan has a mixture of owner-occupied and renter-occupied housing.

The housing in Penn Yan was primarily built before 1939 ( 48.08%), making the housing stock in Penn Yan some of the oldest overall in America, although there is a range of ages of homes in Penn Yan. The next most important housing age is between 1940-1969 ( 25.02%), followed by between 1970-1999 ( 20.71%). There's also some housing in Penn Yan built between 2000 and later ( 6.20%).

Vacant housing appears to be an issue in Penn Yan. Fully 12.31% of the housing stock is classified as vacant. Left unchecked, vacant Penn Yan homes and apartments can be a drag on the real estate market, holding Penn Yan 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.

Penn Yan Home Appreciation Rates

Real estate appreciation rates in Penn Yan's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.03% during the period.

Appreciation rates are so strong in Penn Yan that despite a nationwide downturn in the housing market, Penn Yan real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Penn Yan appreciation rates continue to be some of the highest in America, at 11.24%, which is higher than appreciation rates in 97.90% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Penn Yan. Penn Yan appreciation rates in the latest quarter were at 1.91%, which equates to an annual appreciation rate of 7.84%.

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

Average Home Values

Median Home Value

$223,465

Penn Yan, NY Home Prices
> $1,346,000
$1,009,001 - $1,346,000
$673,001 - $1,009,000
$538,001 - $673,000
$404,001 - $538,000
$269,001 - $404,000
$135,001 - $269,000
$67,001 - $135,000
$0 - $67,000
3.9%
3.9%
0.9%
0.9%
5.9%
5.9%
2.2%
2.2%
7.4%
7.4%
13.5%
13.5%
53.1%
53.1%
8.5%
8.5%
4.8%
4.8%
0% 100.0%
% of Homes
Low

for New york

Low

for nation

Number of Homes And Apartments:

2,236

Penn Yan Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,016 / per month

Homeownership Rate

Owners
Renters
55.8%
55.8%
44.2%
44.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.3%
12.3%
87.7%
87.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.2%
6.2%
20.7%
20.7%
25.0%
25.0%
48.1%
48.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
56.6%
56.6%
0.4%
0.4%
26.2%
26.2%
15.6%
15.6%
1.1%
1.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.7%
2.7%
28.2%
28.2%
20.9%
20.9%
31.8%
31.8%
13.3%
13.3%
3.1%
3.1%
0% 100.0%
% of Homes