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Home » Tompkins County » Median home price jumps 7.5% in Tompkins County, reaching $364,950

Median home price jumps 7.5% in Tompkins County, reaching $364,950

In Tompkins County, the housing market experienced a notable increase in November, with the median home list price rising to $364,950, a 7.5% increase from the previous month’s $339,500.

This growth is part of a larger trend observed over the past year, with the median list price showing an 11.5% increase from $327,450 in November 2022. It’s important to note that these statistics reflect houses listed for sale in Tompkins County and do not include actual sale prices.

The homes listed in Tompkins County had a median size of 2,227 square feet, with a listing price of $184 per square foot, marking a 14.7% increase from November 2022. The market in Tompkins County also exhibited a quicker turnover rate compared to the national average, with homes spending a median of 47 days on the market, shorter than the November national median of 52 days. Additionally, new listings saw a significant uptick, with approximately 48 homes entering the market, a 41.2% increase from the 34 new listings in November 2022.

Comparatively, the broader Ithaca metro area’s median home prices slightly rose to $360,700. In contrast, New York’s median home prices were considerably higher at $632,500, with a median size of 1,620 square feet and a price of $369 per square foot. Nationally, the median home price was $420,000 with an average size of 1,858 square feet and a price per square foot of $221. These figures underscore the varying trends in home prices across different regions, with Tompkins County’s market dynamics reflecting both local and broader real estate movements.