ZIP Code 13501 Housing Market

📝 Local Market Notes

ZIP code 13501 in Herkimer County, New York, exhibits a distinct price trajectory characterized by rapid appreciation followed by a recent correction. The FHFA House Price Index for this ZIP code surged from 206.9 in 2021 to a peak of 304.14 in 2024, representing a 47% increase over three years. However, the latest data for 2025 indicates a slight decline to 300.47, reflecting a year-over-year decrease of 1.21%. This recent contraction contrasts sharply with the broader regional momentum, where the county-wide year-over-year growth stands at +5.05% and the state average is +3.55%. This divergence suggests that ZIP 13501 is experiencing localized cooling or mean reversion, decoupling from the stronger gains observed in the surrounding Herkimer County and New York State markets. The sub-market character of 13501 appears to be an entry-level or moderate-value segment within a predominantly owner-occupied community. The parent county’s median home value of $147,700 and median household income of $68,515 indicate an affordable housing landscape. With an owner occupancy rate of 76.6%, the area leans heavily toward homeownership rather than rental markets, where the median gross rent is $823 per month. The HPI level of 300.5, while high relative to the 2000 baseline, aligns with the county’s overall affordability profile, suggesting that price increases have been driven by inflation and low inventory rather than luxury market dynamics. For prospective buyers, the practical takeaway is that ZIP 13501 currently offers a potential entry point amidst a broader market uptick. The 1.21% year-over-year decline provides a slight respite from the steep gains seen in 2022 and 2023. However, with the national 30-year mortgage rate at 7.40%, carrying costs remain elevated. Residents and buyers should note that while this specific ZIP is contracting, the surrounding county continues to appreciate, indicating that the local slowdown may be temporary or specific to this micro-market. The data supports a cautious approach, emphasizing the importance of monitoring local inventory levels against the stronger county-wide trends.

Based on FHFA House Price Index data.