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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.



Phelps, 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

Phelps, NY Housing Market Trends

With 1,869 people, 854 houses or apartments, and a median cost of homes of $210,526, house prices in Phelps are solidly below the national average.

Single-family detached homes are the single most common housing type in Phelps, accounting for 69.76% of the village's housing units. Other types of housing that are prevalent in Phelps include duplexes, homes converted to apartments or other small apartment buildings ( 21.71%), large apartment complexes or high rise apartments ( 7.59%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Phelps. Owner-occupied housing accounts for 74.71% of Phelps's homes, and 61.22% have either three or four bedrooms, which is average sized relative to America.

The housing in Phelps was primarily built before 1939 ( 53.53%), making the housing stock in Phelps some of the oldest overall in America, although there is a range of ages of homes in Phelps. The next most important housing age is between 1940-1969 ( 26.77%), followed by between 1970-1999 ( 17.28%). There's also some housing in Phelps built between 2000 and later ( 2.42%).

Vacant housing appears to be an issue in Phelps. Fully 10.01% of the housing stock is classified as vacant. Left unchecked, vacant Phelps homes and apartments can be a drag on the real estate market, holding Phelps real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Phelps Home Appreciation Rates

Appreciation rates for homes in Phelps have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 90.58%, which ranks in the top 50% nationwide. This equates to an annual average Phelps house appreciation rate of 6.66%.

Over the last year, Phelps appreciation rates have trailed the rest of the nation. In the last twelve months, Phelps's appreciation rate has been 5.22%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Phelps were at 5.43%, which equates to an annual appreciation rate of 23.57%.

Importantly, this makes Phelps 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 Phelps's latest annual appreciation rate is lower than 70% of the other cities and towns in New York.

Average Home Values

Median Home Value

$210,526

Phelps, NY Home Prices
> $1,387,000
$1,040,001 - $1,387,000
$694,001 - $1,040,000
$555,001 - $694,000
$416,001 - $555,000
$277,001 - $416,000
$139,001 - $277,000
$70,001 - $139,000
$0 - $70,000
0.1%
0.1%
0.0%
0.0%
0.7%
0.7%
3.1%
3.1%
6.9%
6.9%
20.3%
20.3%
50.2%
50.2%
13.0%
13.0%
5.6%
5.6%
0% 100.0%
% of Homes
Low

for New york

Low

for nation

Number of Homes And Apartments:

854

Phelps Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,387 / per month

Homeownership Rate

Owners
Renters
74.7%
74.7%
25.3%
25.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.0%
10.0%
90.0%
90.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.4%
2.4%
17.3%
17.3%
26.8%
26.8%
53.5%
53.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
69.8%
69.8%
0.9%
0.9%
21.7%
21.7%
7.6%
7.6%
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
1.3%
1.3%
10.9%
10.9%
24.6%
24.6%
47.1%
47.1%
14.1%
14.1%
2.1%
2.1%
0% 100.0%
% of Homes