Tompkins County home prices increased 7.3% in February

In February, the price of homes in Tompkins County increased. The median listing price rose to $481,000, which is a 7.3% increase from January’s price of $448,500. Compared to the same month last year, this marks a 26.6% rise from February 2024, when the median was $380,000. The median size of homes listed was 2,321 square feet, costing $201 per square foot. This figure is up 5.7% from the previous year. Homes in Tompkins County took a bit longer to sell, staying on the market for a median of 86 days. This is longer than the national average of 66 days. Only 48 homes were newly listed in February, representing a 14.3% decrease from 56 new listings in February 2024. It’s important to note that these statistics focus solely on homes available for sale, not those already sold. The data is specific to single-family homes, condominiums, and townhomes, and does not include most new constructions or pending sales. In the larger Ithaca metro area, the median home price was $450,000, also showing a slight increase from January. New York state as a whole had a median home price of $659,974, up just slightly from the previous month. Across the nation, the median home price rose to $412,000, with homes listed at a median of 1,791 square feet, averaging $227 per square foot. Experts believe that using the median price provides a better view of market conditions than the average price, as the latter can be affected by extreme prices.