ZIP Code 14706 Housing Market

📝 Local Market Notes

The housing market in ZIP code 14706 exhibits a volatile price trajectory over the past five years. The Home Price Index (HPI), which stood at 152.9 in 2020, surged to a peak of 243.16 in 2023 before retreating to 215.51 in 2025. This pattern indicates a period of rapid appreciation followed by a significant correction, with current valuations remaining 40% above 2020 levels. The recent decline from the 2023 peak suggests a market adjustment rather than a sustained boom, aligning with broader national trends of price stabilization after the pandemic-era surge. In terms of relative performance, ZIP 14706’s year-over-year change of +8.42% significantly outpaces the state average of +3.55%. This divergence signals that local demand in this specific sub-market remains robust relative to the wider New York housing landscape. While the county-level data does not provide a direct YoY comparison for 14706, the ZIP’s outperformance against the state median highlights its distinct market dynamics. Nearby ZIPs, such as 14731 with an HPI of 346.9 and a +16.03% YoY change, indicate that certain segments of Cattaraugus County are experiencing even sharper growth, yet 14706 maintains a strong upward momentum despite its recent correction. The sub-market character of 14706 is defined by affordability and high owner occupancy. With a parent county median home value of $113,100 and a median household income of $59,540, the area functions as an entry-level market. The 75.2% owner-occupancy rate suggests a stable, residential community rather than a transient or renter-heavy zone. For prospective buyers, the current HPI of 215.5 represents a potential entry point following the 2023 peak. However, the 7.40% national mortgage rate impacts purchasing power, making the lower median home values in this ZIP a critical advantage. Residents should note that while prices are adjusting, the fundamental affordability of the area remains a key driver of its market resilience compared to higher-priced state averages.

Based on FHFA House Price Index data.