$83,000 House For Sale
4 bed, 2.0 bath, 1,687 sqft
The median home value in Cortland is $86,600. Cortland home values have declined -5.4% over the past year. The median list price per square foot in Cortland is $78, which is lower than the Cortland Metro average of $83. The median price of homes currently listed in Cortland is $105,000 while the median price of homes that sold is $97,102. The median rent price in Cortland is $625, which is lower than the Cortland Metro median of $850.
Foreclosures will be a factor impacting home values in the next several years. In Cortland 4.0 homes are foreclosed (per 10,000). This is lower than the national value of 4.4
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Cortland is 6.6%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Cortland homeowners underwater on their mortgage is 9.0%.more
The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.