Tompkins County February Newsletter
Is It Still a Seller’s Market? Understanding Today’s Housing Trends
The real estate market is constantly shifting, and if you’re considering buying or selling in the Ithaca area, you’re probably wondering: Is it still a seller’s market? The answer is yes—and our local market data backs it up.
Homes Are Selling Quickly
Last month, single-family homes in Tompkins County saw a median days on market of just 14 days. This means well-priced homes are being scooped up fast, often within two weeks of listing. Buyers are eager, and competition remains strong.
Limited Inventory Keeps Prices Competitive
One of the biggest factors driving the current market is the low inventory. In January, we saw only 28 new listings, significantly fewer than the 50-70 new listings we typically saw around this time from 2020-2022. Since the pandemic, the number of homes hitting the market has steadily decreased, and we’ve yet to return to pre-pandemic levels. This ongoing shortage means that demand still outweighs supply, keeping home prices high.
What This Means for Sellers
If you’ve been thinking about selling your home, now is a great time to do so. With fewer homes on the market, sellers continue to have an advantage. Homes are selling for 97% of their list price, meaning well-priced properties are receiving strong offers. If you prepare your home well and price it strategically, you could see multiple offers and a quick sale.
Advice for Buyers
For buyers, this market presents challenges—but also opportunities. The key to success is being prepared:
- Get pre-approved for a mortgage before you start shopping.
- Be ready to act quickly when you find a home you love.
- Work with a knowledgeable real estate agent (like me!) who can help you navigate bidding wars and negotiate effectively.
While it’s still a seller’s market, market conditions can change. If you’re wondering how these trends affect your home-buying or selling plans, let’s chat!
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Upcoming Events in Ithaca You Won’t Want to Miss
One of the best things about living in the Ithaca area is the vibrant community events. Whether you’re looking for live music, food festivals, or unique local experiences, there’s something happening for everyone. Here are some upcoming events you won’t want to miss:
1. Cornell Concert Series: ‘YAMATO’ The Drummers of Japan
📅 February 2 | 4:00 PM
📍 230 Garden Ave, Ithaca, NY
🎟️ Tickets: $17-$49
Immerse yourself in the electrifying performance of traditional Japanese taiko drumming. This high-energy event will leave you inspired and entertained!
2. Festival of Fire & Ice
📅 February 8 | 3:00 PM - 6:00 PM
📍 Ithaca Children’s Garden, 121 Turtle Lane, Ithaca, NY
🎟️ Free (Registration Required)
Celebrate winter with fire dancers, snow fun, and hot cocoa at this family-friendly event. A great way to enjoy the season with the community!
3. Honky Tonk Heartbreak: Featuring the Cast Iron Cowboys
📅 February 14 | 6:00 PM - 10:00 PM
📍 196 Porter Hill Rd, Ithaca, NY
🎟️ Tickets: $15
Looking for a fun way to spend Valentine’s Day? Enjoy an evening of country music, dancing, and great company.
4. Tap & Craft Festival
📅 February 15 | 3:00 PM - 7:00 PM
📍 222 S. Cayuga St, Ithaca, NY (The Hotel Ithaca)
🎟️ Tickets: $10-$45
Craft beer lovers, this one’s for you! Sample local and regional craft brews while enjoying live music and delicious food.
5. 27th Annual Ithaca Chili Cook-Off
📅 March 1 | 12:00 PM - 4:00 PM
📍 Downtown Ithaca
🔥 Get ready to warm up with the best chili across the Finger Lakes! This annual event lets you taste a variety of chili creations from local chefs and vote for your favorite.
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No matter what your interests are, these events are a great way to get out, meet new people, and enjoy everything Ithaca has to offer. Which event are you most excited about? Let me know—I’d love to see you there!
If you want to stay up to date on local happenings and market trends, be sure to subscribe to my monthly newsletter. Looking forward to keeping you informed about all things real estate and community!
