August brought a dip in median home prices for both Ontario and Tompkins counties.
Ontario County homes were listed at a median of $400,400, marking a 1.1% decline from July, yet reflecting a 0.5% year-over-year increase from August 2022. Additionally, the price per square foot rose 9.5% from last year, with homes typically spending 32 days on the market.
Tompkins County homes faced a sharper decline, with a 7.3% drop from July, settling at a median of $338,499. Despite this, prices still showcased a 1.4% increase from the previous year, and a 10.1% surge in the price per square foot from August 2022.
Across New York, the median home prices noted a slight decrease to $621,500, with homes spanning an average of 1,610 square feet and listing at $363 per square foot. When viewed against the national backdrop, the U.S. median home price settled at $435,450, also indicating a minor monthly drop. Homes across the country average 1,907 square feet, priced at $223 per square foot.
Industry experts emphasize the importance of the median list price, which offers a more accurate snapshot of market dynamics compared to averages that can be distorted by extreme values. Realtor.com’s reported figures predominantly capture single-family homes, condominiums, and townhomes, excluding most new constructions and pending sales.
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