Real Estate Market in Binghampton, NY
The real estate market in Binghampton, NY has been quite rocky with a general decline of Binhampton’s economy due to various factors.
As the Cold War came to a close in 1991 with the collapse of the Soviet Union, the defense-related industries in Greater Binghamton began weaken causing a massive loss of jobs. These were most notable due to IBM, which sold its Federal Systems division and laid off several thousands of workers. Long established manufacturing jobs dropped by 64% from 1990 to 2013. Combined with the Great Recession and 2 severe floods that cost the city over 1 billion in damages (Mid-Atlantic US Flood of 2006, Tropical Storm Lee) Binghampon property value has been on the decline.
Furthermore, the city’s population declined from approximately 64,000 in 1969 to 56,000 by the early 1980s with the most recent recorded population being 46,444 as of 2013 shows just how the housing market over the last 3 decades has been affected as Binghampton is not considered to have the healthy real estate market it use to.
If anything else, real estate investors have kept their eye on Binghampton as it is practically a buyer’s market their for housing with all time cheap home prices.