What's Happening?
In Broome County, the median home listing price rose by 6.8% in July, reaching $212,473 compared to $199,000 in June. This marks a 2.2% increase from July 2024's median price of $214,950. The median home size was 1,789 square feet, with a price of $120 per square foot, consistent with the previous year. Homes were listed for a median of 42 days, shorter than the national median of 58 days. The number of new listings increased by 8.6% compared to July 2024.
Why It's Important?
The increase in home listing prices in Broome County indicates a potential strengthening of the local real estate market, which could benefit sellers seeking higher sale prices. Buyers may face challenges in finding affordable options, potentially influencing purchasing decisions and market demand. This trend could impact regional housing strategies and economic conditions, as factors such as interest rates and consumer confidence continue to evolve.
