ZIP Code 14901 Housing Market

📝 Local Market Notes

The housing market in ZIP code 14901, located within Chemung County, New York, exhibits a distinct pattern of volatility over the recent five-year period. The Home Price Index (HPI) surged from 138.58 in 2020 to a peak of 192.5 in 2022, representing a significant appreciation phase. Following this peak, the index corrected to 179.62 in 2023 before recovering to 193.89 in 2025. This trajectory indicates that the sub-market has not only recovered from its 2023 dip but has surpassed its previous high, suggesting strong underlying demand despite broader economic headwinds. Currently, ZIP 14901 demonstrates a positive divergence from its surrounding regions. The ZIP’s year-over-year growth stands at +3.86%, slightly outpacing the state average of +3.55% and the county average of +3.86%. This performance contrasts sharply with neighboring ZIP codes in the same county, such as 14904 and 14830, which are experiencing negative annual changes of -6.23% and -3.19%, respectively. This divergence signals that 14901 possesses specific local attributes driving sustained price resilience, whereas adjacent areas face different supply or demand dynamics. In terms of sub-market character, the area aligns with the broader Chemung County profile of an affordable, owner-occupied market. The county’s median home value of $141,100 and median household income of $63,716 suggest that 14901 serves as an entry-level to mid-tier housing segment rather than a luxury enclave. With an owner-occupancy rate of 68.4%, the market leans toward stability provided by homeowners. For prospective buyers, the practical takeaway is that while mortgage rates remain elevated at 7.40%, the specific momentum in 14901 suggests it is a competitive sub-market. The data indicates that prices in this ZIP are decoupling from the stagnation seen in nearby areas, requiring buyers to act decisively to secure properties at current valuations.

Based on FHFA House Price Index data.