A lot of folks were ready to slam the door on 2016 and forget about the year that, good or bad, was filled with memorable events.  In the world of real estate in the greater Ithaca area, 2016 was a great year.   There was a lot of talk about lack of inventory in the area and how buyers weren’t able to find the right or affordable home.   In spite of those rumblings, the Greater Tompkins and surrounding areas sold more residential properties this year than in the previous seven years!  It was a banner year for real estate in this area…

2016 saw 1027 residential properties sold with a median sold price of $190,000.  The average sold price for the year: $220,850.   The Ithaca Board of Realtors mls serves Tompkins, Cortland, Cayuga, Seneca, Schuyler, & Tioga Counties.

To lend some perspective, I’ve broken the data down by City and County. Still fresh on the coattails of the affordable housing summit this year, the discussion was one of affordable housing in Tompkins County and the city of Ithaca.   On the open market, prices are rising for single family homes because demand is rising.  Jobs were and are being created, people are finding this a desirable place to live and raise their families and run their small businesses.

Tompkins County made up for 675 of those 1027 residential units sold in 2016 with a median sold price of $220,000.

Going one step further, the City of Ithaca made up for 113 units sold with a median sold price of $231,000.

Taking a look at the lake front market: 55 lake front homes were sold in 2016 with an average sale price of $350,700.

The greater Ithaca area and Tompkins county continues to be an attractive place to live and work, which raises the demand for housing.  The abundance of natural amenities, diverse entertainment & distinctive shops and restaurants, coupled with quality schools (including Cornell University and Ithaca College) and increase in jobs create the desire to live and work here.  And if that continues, then we’ll continue to see real estate VALUES rise at a healthy pace, making real estate a very smart investment in this area whether it’s a primary home or seasonal vacation home.

*all data courtesy of the Ithaca Board of Realtors MLS.