What's Happening?
In July 2025, the median home listing price in Chemung County rose to $137,450, a 13.8% increase from the previous month, according to Realtor.com. However, this price represents a 26.2% decrease compared to July 2024. The median home size was 1,642 square feet, with a price of $96 per square foot. Homes were listed for a median of 71 days, longer than the national median of 58 days. The number of new listings decreased slightly by 2.3% compared to July 2024.
Why It's Important?
The increase in median home prices in Chemung County suggests a potential recovery in the local housing market, despite the year-over-year decline. The longer listing times indicate a slower market, which could impact sellers' ability to achieve desired prices. Buyers may face higher costs compared to the previous month, but the overall decrease from last year could present opportunities for those seeking more affordable options.
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What's Next?
Monitoring future price trends and listing activity will be crucial for understanding the market's direction. Economic factors such as interest rates and local employment conditions will influence future dynamics. Stakeholders, including real estate agents and potential buyers, will need to stay informed to navigate the evolving market landscape.
