What's Happening?
The median home listing price in Steuben County increased to $239,900 in July, a 3.2% rise from June's $232,450, according to Realtor.com data. This marks a slight decrease from July 2024's median price of $243,099. The typical home listed was 1,854 square feet, priced at $124 per square foot. Homes in the county were on the market for a median of 53 days, slightly shorter than the national median of 58 days. The number of new listings in July was 78, a 15.2% decrease from 92 in July 2024.
Why It's Important?
The increase in home prices in Steuben County indicates a robust real estate market, potentially driven by limited supply and steady demand. This trend could benefit sellers looking to maximize returns, but may challenge buyers facing higher costs. Real estate professionals and investors might find opportunities in this market, but must also consider the implications of reduced inventory on future transactions.
What's Next?
If the trend of decreasing new listings continues, it could exacerbate supply constraints, potentially driving prices higher. Buyers may need to act swiftly to secure properties, while sellers could benefit from the competitive market. Policymakers might explore strategies to increase housing supply to balance the market.
