Southern Tier and Finger Lakes Market Update

By Vicki Schamel

Has been a dedicated Realtor for over 30 years. She first entered real estate to balance work and raising her two young daughters, but it soon grew into a lifelong passion.

With all the latest statistics coming in, today I want to share what’s been going on in the Southern Tier and Finger Lakes market, particularly at the end of 2021 and coming into 2022. We’re still seeing the pandemic affect things, so changes are happening in our market. In 2021, closed sales decreased 5.5% year over year, homes for sale declined 39.3%, and the median sale price rose 16.9%. Inventory is still very low in our area, and buyers are still extremely active. 

Comparing 2020 to 2021, our median sale price climbed from $132,000 to $155,000, our average sale price jumped from $152,000 to $179,000, and the list-to-sale price was at about 98%. Another number I like to keep an eye on is the affordability index. It’s currently at 237, which dipped a bit from 287 in 2020. For those of you who like to dig through numbers, here’s an explanation for why all these stats have changed as they have. 

The number I’m most concerned about is our months’ supply: We have 1.7 months of home inventory in our area right now, which means we need many sellers to get active in the market. If you’re planning to sell your home, I wouldn’t wait until the grass turns green. Try to get into the market now. With this very low inventory, people are selling their homes incredibly quickly and either at or over their list prices. 

If you’re ready to put your home on the market or have any questions, give me a call, send an email, or stop by the office. I hope to speak with you soon.