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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 4,590 people, 2,217 houses or apartments, and a median cost of homes of $129,502, house prices in Wellsville are some of the most affordable in New York as well as the nation.
Single-family detached homes are the single most common housing type in Wellsville, accounting for 61.61% of the village's housing units. Other types of housing that are prevalent in Wellsville include large apartment complexes or high rise apartments ( 18.87%), duplexes, homes converted to apartments or other small apartment buildings ( 16.63%), and a few mobile homes or trailers ( 2.36%).
People in Wellsville primarily live in small (one, two or no bedroom) single-family detached homes. Wellsville has a mixture of owner-occupied and renter-occupied housing.
The housing in Wellsville was primarily built before 1939 ( 41.93%), making the housing stock in Wellsville some of the oldest overall in America, although there is a range of ages of homes in Wellsville. The next most important housing age is between 1940-1969 ( 34.76%), followed by between 1970-1999 ( 22.37%).
Appreciation rates for homes in Wellsville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.04%, which ranks in the top 50% nationwide. This equates to an annual average Wellsville house appreciation rate of 6.52%.
Appreciation rates are so strong in Wellsville that despite a nationwide downturn in the housing market, Wellsville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wellsville appreciation rates continue to be some of the highest in America, at 8.56%, which is higher than appreciation rates in 88.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wellsville. Wellsville appreciation rates in the latest quarter were at 4.61%, which equates to an annual appreciation rate of 19.76%.
Importantly, this makes Wellsville 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 Wellsville's latest annual appreciation rate is lower than 50% of the other cities and towns in New York.
$129,502
for New york
for nation
2,217
$949 / per month