Metropolitan Statistical Area (MSA):
Elmira, NY is a Metropolitan Statistical Area (MSA) comprising counties including .
There are many factors influencing real estate trends in the Elmira, NY metropolitan statistical area (MSA). The economy is a major driver of the housing market, and Elmira’s economy has been struggling in recent years. The unemployment rate in Elmira was 7.4% in 2015, up from 6.8% the previous year. This has led to fewer people buying homes and more people defaulting on their mortgages.
The median home value in Elmira is $85,000, which is down 2.6% from last year and down 14.3% from two years ago. Home values are expected to continue to decline in the next year or two as the economy continues to struggle. However, there are some bright spots in the housing market. Sales of existing homes were up 3% in 2015 compared to 2014, and prices for existing homes rose 1%. This indicates that there is still some demand for housing in Elmira despite the weak economy.
The future of the housing market in Elmira will largely be determined by the strength of the local economy. If job growth picks up and more people move into the area, then home values will start to rise again. However, if the economy continues to struggle, then prices will likely continue to fall.