Median home prices rise in 2021
TRI-COUNTIES AREA – Even though the inventory of homes for sale was low throughout 2021, the median selling price increased significantly for homes sold in the area.
In Yates County, the median sale price rose 22.3% for the year, from $184,750 in 2020 to $226,000.
In the fourth quarter alone, the median sale price was $310,000, an increase of 36%.
Selling prices provided a record year for many real estate agencies.
“It’s absolutely the best year we’ve ever seen, we’re up 67% from 2020,” said Jim Moon, broker and owner of Howard Hanna Lake Group.
In Yates County, the number of homes sold was 258 for the year. That’s actually a 0.4% drop from the previous year. Schuyler County saw an increase in the number of homes sold and an increase in the median sale price.
“People come to Yates for a multitude of reasons and the more they come the more they want to stay,” Moon said. “We are being discovered more and more all the time, every time a new winery, distillery or brewery opens, more people find us.”
The ability of more people to work remotely, brought about by the COVID-19 pandemic, has also been one of the new drivers of the local housing boom.
“With the internet, more people can work from home, so they might try living in a very expensive little apartment in New York or [extend their buying power in the Finger Lakes]. Why not have some space and scenery?” Moon mentioned.
Having a second home or a place to receive guests by the shore or on the lake are also growth factors.
“We’ve had several cash offers over asking price, especially on lakefront and lake view properties or this log home on a 20-acre pond in the countryside,” Moon added.
While low inventory favors the seller in most cases, Moon said well-maintained properties tend to sell the fastest.
“Good properties, in good condition and in good condition, if properly marketed, receive multiple offers and in many cases cash offers that will not involve inspections or bank appraisers,” Moon said. .
This trend is not exclusive to Yates, with the Schuyler County and Hammondsport area market also showing strong tendencies to be a seller’s market.
According to the Elmira-Corning Board of Realtors, 2021 saw just 30 homes for sale compared to 47 in 2020 in Hammondsport. However, despite the drop in the number of homes for sale, 25 sold in 2021 compared to 24 in 2020 and the median sale price fell from $175,000 to $189,000.
In Schuyler County, the number of year-end gated home sales increased from 114 in 2020 to 135 in 2021. As in the rest of the region, supply has been incredibly limited as the number of homes to sell has increased from 216 in 2020 to 203 in 2021. Due to this increase in the seller’s market, the median sale price of homes has increased from $157,000 in 2020 to $189,000 in 2021.