What's Happening?
In July, the median home list price in Chemung County rose to $137,450, marking a 13.8% increase from the previous month, according to data from Realtor.com. Despite this monthly rise, the median price represents a 26.2% decrease compared to July 2024. The report focuses on homes listed for sale, not those sold, providing insights into the local real estate market dynamics. The median home size was 1,642 square feet, with a price of $96 per square foot, reflecting a 12.5% decrease from the previous year. Homes in the area had a median listing duration of 71 days, longer than the national median of 58 days.
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Why It's Important?
The fluctuations in Chemung County's housing market reflect broader trends in real estate, where local factors can significantly impact pricing and market activity. The increase in median list prices suggests a potential recovery or increased demand in the area, while the year-over-year decrease indicates ongoing volatility. Understanding these trends is essential for buyers, sellers, and real estate professionals as they navigate the market. The data also provides a snapshot of regional economic conditions, influencing decisions related to housing investments and community development.
