According to the Tompkins County Department of Assessment’s annual report, local property sales prices continued to increase at a steady pace in 2022.
The median property sale at the time of closing grew by 5.1% from 2021, reaching $310,153. Meanwhile, the average property sales price increased by 3.9% from the previous year, reaching $342,374. While the total number of sales only saw a modest increase from 959 in 2021 to 995 in 2022, it marks the highest number of sales since 2006.
Despite the increase in property prices, there remains a shortage of single-family housing to meet demand, which pushes some buyers out of the market.
As a result, interest rates are rising, and people are refinancing during Covid to stay in their homes, slowing down the housing turnover rate.
Moving forward, the Tompkins County Department of Assessment is looking at several factors to determine what happens in the near term, including interest rates and demand for housing. However, the responsibility for the level of taxes falls on the towns, schools, city, county, special districts, and villages rather than the assessor’s office, which is responsible for determining a fair market value for properties.
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