Land Foreclosures in Ithaca, NY 14850

Buyer vs Seller Market in Ithaca, NY

The real estate market in Ithaca is currently showing a trend towards higher demand, particularly for single-family homes and properties near the university. This is driven by an influx of new residents, including faculty and staff from Cornell University, as well as families seeking to capitalize on the area's rich educational resources.

In recent months, home prices have seen a steady increase, with many properties selling above asking price. The limited inventory of houses has led to competitive bidding situations, making it a challenging market for buyers.

Investors are also keen on rental properties due to the high student population, thereby growing the rental market and encouraging new construction projects tailored for tenants.

Rent Prices In Ithaca, NY

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Ithaca, NY, is on a rollercoaster ride. The average rent price in Ithaca, NY, is $1,670.00. Indeed, when looking to rent in Ithaca, NY, you can expect to pay as little as $970.00 or as much as $4,110.00, with the average rent median estimated to be $1,650.00. The good news is that finding an affordable and desirable property to rent in Ithaca, NY -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.