Ithaca, NY - Your Market Thoughts
Ithaca, NY, arguably one of the best cities in Upstate NY. Wine, hiking, and Real Estate what’s there not to love?
I want to get your thoughts on the market. What do you think is going on and what do you predict will happen in the next 5 years?
Living, owning a construction business, and investing in Ithaca I think it’ll be more of the same - increasing prices and low inventory. I don’t see it changing in the next 5 years because the area is in demand.
BUT! I could only be seeing it one way. Which is why I want your opinion!
Thanks y’all.
Most Popular Reply
I also like this market a lot. It has a very nice balance between steady capital appreciation and decent rental income yield. As Nick says, the universities, the lake, the wine trail, and the beautiful geography makes it a wonderful place with a lot going for it. These advantages bode well for sustainability of the city's long term growth.
Stephanie, you make an interesting comment regarding the increase in prices being due to buyers being the same usual suspects who live locally. I would have guessed that the people driving up the prices are the fair number of buyers from out of state and even international countries given the profile of the universities and the strong tourism in the area. But your insight about the local buyers is interesting and frankly makes me feel even better about investing in Ithaca. If the local market has strong buying power and continues to invest into the city, it's a good sign.