Metropolitan Statistical Area (MSA):
Cortland, NY is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the real estate market in the Cortland, NY metropolitan statistical area (MSA) has been on a roller coaster ride over the past few years. After reaching record highs in 2006 and 2007, prices came crashing down during the Great Recession of 2008 and 2009. However, since bottoming out in 2010, prices have been steadily rising once again and are now approaching pre-recession levels.
One of the most notable trends in the Cortland MSA housing market is the increasing popularity of "tiny homes." These homes, which are typically less than 400 square feet, have become popular among young adults and retirees who are looking to downsize or live a more minimalist lifestyle. In addition to being more affordable than traditional homes, tiny homes require less maintenance and can often be built on smaller pieces of land.
Another trend that is becoming increasingly popular in the Cortland MSA is "house hacking." This involves purchasing a property with multiple units (such as a duplex or triplex) and living in one unit while renting out the others. This can be an excellent way to offset your mortgage payments and live for free (or close to it). House hacking is especially popular among young adults who are looking to get their start in the real estate market without breaking the bank.
If you're thinking about buying a home in the Cortland MSA, now is a great time to do so. Prices are still relatively affordable compared to other parts of New York State, and there are plenty of properties available on the market. Whether you're looking for a traditional home or something more unique like a tiny home or house hack property, you're sure to find what you're looking for in this vibrant real estate market.