In November, the median home listing price in Broome County was recorded at $209,900, representing a decline of 2.3% from the previous month’s figure of $214,725, according to data from Realtor.com. When comparing current figures to the same time last year, there has been a significant increase of 23.2% from the $170,375 median price noted in November 2023. It is important to note that these statistics specifically pertain to homes listed for sale, not those that have been sold, and they reflect the ongoing trends in the local housing market. For individuals seeking more in-depth information about the housing market and related community data, resources are available at data.pressconnects.com.
The homes listed in Broome County average 1,729 square feet, translating to a price of $119 per square foot. This price per square foot exhibits an 8% increase from the amount reported in November 2023, indicating a rising trend in costs within this segment of the housing market. The velocity of transactions seems brisk, with homes typically spending a median of 48 days on the market, compared to a national median of 62 days. This figure has slightly increased from the previous month, where homes had a median listing period of 40 days. In November, there were around 136 new listings, reflecting a 3% uptick from the 132 listings observed in November 2023.
For context, the median home prices reported are derived from a limited selection of properties, specifically single-family homes, condominiums, and townhomes. However, they largely exclude many homes from the overall market, particularly new constructions, pending sales, and contingent sales, which can distort the comprehensive picture of the housing market. As such, the data may not reflect all listings available for sale in Broome County, and the figures serve primarily as indicators of pricing trends rather than definitive market summaries.
When examining the wider Binghamton metro area, median home prices were noted to be around $210,000, which is a slight decrease from the previous month. The properties in this area averaged 1,800 square feet, listed at a price of $116 per square foot. This market trend mirrors the broader regional dynamics, as home price fluctuations can be influenced by various economic factors including demand, supply, and local income levels. Moving beyond the county, the median home prices across New York state stood at $649,000, which also represents a slight decline from the previous month’s figures.
Nationwide, the median home price in the United States was recorded at $416,880, signaling a marginal decrease from prior amounts. The typical American home offered for sale had an average size of 1,821 square feet, priced at $224 per square foot. This broader perspective illustrates that while certain regions may experience fluctuations such as declines in median home prices, others may see stability or increases based on localized conditions and market demands. The way median prices are calculated is significant; they provide insights into market trends without the distortion that averages might present.
In conclusion, the report underscores the dynamic nature of the housing market in Broome County and the surrounding areas, revealing both monthly fluctuations and year-over-year growth patterns. The median list price is a key metric for understanding market conditions, and although it’s just one snapshot in time, it helps potential buyers and sellers make informed decisions. As this analysis is disseminated through localized news outlets by the USA TODAY Network, it emphasizes the importance of tailored housing data in understanding community trends and dynamics. For more detailed insights, readers are encouraged to refer to the original data sources and stay informed about ongoing developments in their local markets.
