Schenectady, 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Schenectady, NY Housing Market Trends

With a population of 65,273, 22,824 total housing units (homes and apartments), and a median house value of $124,207, 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 Home Appreciation Rates

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 1.99%, 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 11.82%, which is higher than appreciation rates in 82.79% 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 3.28%, which equates to an annual appreciation rate of 13.78%.

Relative to New York, our data show that Schenectady's latest annual appreciation rate is higher than 60% 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.

Average Home Values

 

Median Home Value:
$124,207

Schenectady, NY HOME PRICES

> $1,170,000
0.3%
0.3%
$878,001 - $1,170,000
0.3%
0.3%
$585,001 - $878,000
0.3%
0.3%
$468,001 - $585,000
0.4%
0.4%
$351,001 - $468,000
1.5%
1.5%
$234,001 - $351,000
3.5%
3.5%
$117,001 - $234,000
43.5%
43.5%
$58,001 - $117,000
44.7%
44.7%
$0 - $58,000
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Very Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
22,824

Schenectady Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
89.99% 3.03%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,251 / per month

Homeownership Rate

Owners
44.6%
44.6%
Renters
55.4%
55.4%
Vacant
28.4%
28.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.1%
2.1%
1970 - 1999
17.9%
17.9%
1940 - 1969
25.9%
25.9%
1939 or Older
54.2%
54.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
36.8%
36.8%
Townhomes
2.1%
2.1%
Small Apt. Buildings
43.3%
43.3%
Apt. Complexes
17.7%
17.7%
Mobile Homes
0.1%
0.1%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
15.9%
15.9%
2 Bedrooms
29.5%
29.5%
3 Bedrooms
39.8%
39.8%
4 Bedrooms
9.4%
9.4%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES