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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.


Palmyra, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Palmyra, NY Housing Market Trends

With 3,304 people, 1,538 houses or apartments, and a median cost of homes of $173,877, house prices in Palmyra are solidly below the national average.

Single-family detached homes are the single most common housing type in Palmyra, accounting for 52.03% of the village's housing units. Other types of housing that are prevalent in Palmyra include duplexes, homes converted to apartments or other small apartment buildings ( 27.75%), large apartment complexes or high rise apartments ( 18.06%), and a few row houses and other attached homes ( 2.15%).

People in Palmyra primarily live in small (one, two or no bedroom) single-family detached homes. Palmyra has a mixture of owner-occupied and renter-occupied housing.

The housing in Palmyra was primarily built before 1939 ( 48.92%), making the housing stock in Palmyra some of the oldest overall in America, although there is a range of ages of homes in Palmyra. The next most important housing age is between 1940-1969 ( 30.50%), followed by between 1970-1999 ( 17.52%). There's also some housing in Palmyra built between 2000 and later ( 3.05%).

Palmyra Home Appreciation Rates

Real estate appreciation rates in Palmyra's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.35% during the period.

Over the last year, Palmyra appreciation rates have trailed the rest of the nation. In the last twelve months, Palmyra's appreciation rate has been 5.26%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palmyra were at 5.43%, which equates to an annual appreciation rate of 23.57%.

Importantly, this makes Palmyra one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.

Relative to New York, our data show that Palmyra's latest annual appreciation rate is lower than 70% of the other cities and towns in New York.

Average Home Values

Median Home Value

$173,877

Palmyra, NY Home Prices
> $1,404,000
$1,053,001 - $1,404,000
$701,001 - $1,053,000
$561,001 - $701,000
$421,001 - $561,000
$281,001 - $421,000
$140,001 - $281,000
$70,001 - $140,000
$0 - $70,000
0.2%
0.2%
0.0%
0.0%
1.3%
1.3%
1.2%
1.2%
2.8%
2.8%
11.8%
11.8%
50.4%
50.4%
26.1%
26.1%
6.1%
6.1%
0% 100.0%
% of Homes
Very Low

for New york

Low

for nation

Number of Homes And Apartments:

1,538

Palmyra Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,460 / per month

Homeownership Rate

Owners
Renters
54.5%
54.5%
45.5%
45.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.0%
8.0%
92.0%
92.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.1%
3.1%
17.5%
17.5%
30.5%
30.5%
48.9%
48.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
52.0%
52.0%
2.2%
2.2%
27.8%
27.8%
18.1%
18.1%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
27.7%
27.7%
25.0%
25.0%
28.2%
28.2%
17.8%
17.8%
1.3%
1.3%
0% 100.0%
% of Homes