What's Happening?
In Tompkins County, the median home price for October was listed at $399,000, showing a slight decrease from the previous month's $399,950, according to data from Realtor.com. Compared to October 2024,
the median home list price increased slightly from $395,750. The median home in Tompkins County was 1,996 square feet, listed at $213 per square foot, marking a 3.2% increase from October 2024. Homes in the area were listed for a median of 62 days, compared to the national median of 63 days. The number of new listings in October was 50, a 19.4% decrease from the previous year. The report focuses on single-family homes, condominiums, and townhomes, excluding new constructions and pending sales.
Why It's Important?
The slight decrease in median home prices in Tompkins County reflects broader trends in the U.S. housing market, where the national median home price was $424,200, a slight decrease from the previous month. This data is crucial for potential homebuyers and real estate investors as it provides insights into market stability and pricing trends. The increase in price per square foot suggests a demand for larger homes, which could influence future construction and development strategies. The decrease in new listings may indicate a tightening market, affecting availability and potentially driving prices up in the future.
