ZIP Code 14850 Housing Market

📝 Local Market Notes

The housing market in ZIP code 14850 exhibits a volatile yet upward trajectory over the recent five-year period. The Home Price Index (HPI) surged from 232.92 in 2021 to a peak of 320.31 in 2023, reflecting a period of intense appreciation. Although the index experienced a contraction to 312.01 in 2024, the subsequent rise to 330.53 in 2025 indicates a recovery. This pattern suggests that while the sub-market corrected briefly, underlying demand remains robust, driving values above previous peaks. Currently, ZIP 14850 shows a year-over-year growth rate of +5.94%. This performance aligns closely with the broader Tompkins County trend of +6.73%, indicating that local dynamics are mirroring the regional market rather than diverging significantly. However, both the ZIP and the county are outpacing the New York State average of +3.55%. This divergence signals that the Tompkins County market possesses distinct local drivers, likely tied to specific economic or demographic factors within the region, that are sustaining higher price growth compared to the state-wide baseline. Characterizing the sub-market, the parent county’s median home value of $290,900 and median household income of $74,024 suggest a middle-class, owner-occupied community. With an owner occupancy rate of 54.1%, the area leans toward homeownership rather than being renter-heavy. The HPI level of 330.5 indicates that current home prices are significantly higher than the 2000 baseline, reflecting long-term appreciation. For prospective buyers, the practical takeaway is that ZIP 14850 offers a stable, appreciating asset within a moderate-income county. While mortgage rates at 7.40% increase monthly payment burdens, the consistent outperformance of state averages suggests that equity accumulation in this specific ZIP code has remained resilient despite broader national economic headwinds.

Based on FHFA House Price Index data.