Cortland, NY—13045
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cortland, NY
As of Oct '25, the median home price in Cortland, NY is $197,000, with a year-over-year change of 5.8%. This indicates that home prices in Cortland, NY are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $197,000 | 5.8% |
| Single Family | $197,000 | 5.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $124,000 | 8.8% |
2 Bed | $162,000 | 6.6% |
3 Bed | $198,000 | 5.9% |
4 Bed | $228,000 | 5.6% |
| 5 Bed | $251,000 | 4.1% |
% of Housing Stock
Rental Trends — Cortland, NY
As of July '25, Rentcast reports the average rent in Cortland, NY is $1,480, with a year-over-year rent change of -9.2%. Per bedroom, the median rent as of July '25 in Cortland, NY is studios: $700, 1-bedrooms: $1,250, 2-bedrooms: $1,210, 3-bedrooms: $1,700, 4-bedrooms: $1,900. The most common rental property sizes in Cortland, NY are 2-bedroom and 1-bedroom, accounting for 37.0% and 31.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,480 |
| Studio Rent | $700 | $700 |
| 1 Bed Rent | $1,100 | $1,250 |
| 2 Bed Rent | $823 | $1,210 |
| 3 Bed Rent | $1,400 | $1,700 |
| 4 Bed Rent | $1,300 | $1,900 |
% of Rental Stock
Property Listings — Cortland, NY
As of Oct '25, Realtor.com reports that the median days on market for a home in Cortland, NY is 48. This is a decrease of -27.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $225,000 | 8.0% |
Listing Count | 70 | 6.0% |
| Listings as % of Homes | 0.5% | 6.0% |
Days on Market | 48 | -27.0% |
Demographics — Cortland, NY
As of the latest ACS Survey released in 2023, Cortland, NY has a population of 28,400, which has decreased by -2.9% over the past 5 years. Cortland, NY is a moderately popular place for families, as children make up 17.0% of the population. The area has a moderately educated workforce, with 29.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,400 | -2.9% |
% Under 18 | 17.0% | -1.2% |
% Seniors | 14.3% | -5.9% |
% WFH | 7.9% | 119.4% |
% w/ College Degree | 29.7% | -2.9% |
As of the latest ACS Survey released in 2023, Cortland, NY is a predominantly white area, with 87.2% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Cortland, NY is hispanic, making up 4.9% of the population. Foreign-born residents account for 3.2% of the population in Cortland, NY, and this percentage has increased by 45.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 87.2% | -4.3% |
% Black | 3.0% | 42.9% |
% Hispanic | 4.9% | 53.1% |
% Asian | 1.8% | 125.0% |
% Foreign Born | 3.2% | 45.5% |
Mortgage and Risk — Cortland, NY
According to HUD data as of 2023, there were 285 mortgage originations in Cortland, NY, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Cortland, NY. Investor activity is low, as 7.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 285 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 7.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Cortland, NY
As of 2024, the percent of homes in Cortland, NY under the Section 8 program is 9.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Cortland, NY, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 720 |
Total Units Section 8 | 425 |
% Rentals under Section 8 | 9.1% |
% Occupied Section 8 | 94.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $200 | $1,100 | $1,300 |
| 2 Bedroom | $677 | $823 | $1,500 |
| 3 Bedroom | $460 | $1,400 | $1,860 |
| 4 Bedroom | $710 | $1,300 | $2,010 |
Affordability — Cortland, NY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $197,000 |
| Median Household Income | $67,000 |