Here’s what you need to know about our local real estate market.
Today I want to bring you a quick update on our market. There’s been a lot of bad news recently about interest rates and inflation, and some sellers are getting scared as a result. However, real estate is hyper-local. That’s why I want to share some local statistics and tell you what they say about our market’s future.
Right now, Southern Tier and Finger Lakes only have 1.5 months of inventory. A balanced market should have anywhere from five to seven months of supply, so we’re still in a strong seller’s market. On top of that, our average home price just hit $193,000, which is an increase of 2.1%.
As you can see, prices are rising but remain affordable. Despite what’s happening in other parts of the country, our real estate market remains strong for both sellers and buyers. Meanwhile, interest rates at a local affiliated bank were 4.87%, which is good from a historical perspective.
If you’re unsure about how you should move forward in this market, please call me at 607-351-6933 or email vickischamel@kw.com. I look forward to hearing from you!
