In May, the median home listing price in Tompkins County stood at $475,000, reflecting a 2.5% decrease from the previous month's $487,000. However, compared to May of the prior year, there was a 2% increase from $468,500. Listings moved quickly, with homes staying on the market for an average of 39 days, which is shorter than the national median of 51 days. Additionally, there were 92 new listings introduced in May, marking a significant 24.3% rise from the previous year’s count of 74.

The cost per square foot for homes listed in Tompkins County reached $216, representing a 6.8% increase from the previous year. This analysis exclusively pertains to houses currently listed for sale and does not encompass those that have been sold. The data also highlights that while the Ithaca metro area experienced a slight dip in median home prices to $472,000, New York state maintained its median home price at $699,000, whereas nationwide, the median home price slightly increased to $440,000.

Pricing Dynamics in Tompkins County

Tompkins County's residential market saw some fluctuations in May, with the median home list price adjusting to $475,000. This figure represents a minor retreat from April's value but still indicates growth when contrasted with the same period last year. The typical home size in this region is approximately 2,240 square feet, priced at $216 per square foot. This pricing structure demonstrates a notable increase compared to the previous year, suggesting strengthening buyer interest or other economic factors influencing the market.

Further analysis reveals that the housing inventory turnover remains robust. Homes are being absorbed by the market relatively quickly, as evidenced by the median time spent on the market being just 39 days. This pace surpasses both the previous month's duration of 34 days and the national average of 51 days. Moreover, the influx of new listings—increasing from 74 in May of the previous year to 92 this May—indicates heightened activity among sellers eager to capitalize on current market conditions. These dynamics collectively suggest a balanced market leaning slightly towards sellers, given the steady demand and rapid absorption rates.

Comparative Analysis: Regional and National Markets

While Tompkins County exhibits unique characteristics, it is essential to place these trends within a broader context. In comparison, the Ithaca metro area's median home price declined marginally to $472,000, aligning closely with Tompkins County's figures. Meanwhile, across New York State, the median home price stabilized at $699,000, illustrating consistency rather than dramatic shifts. Nationally, the median home price edged up slightly to $440,000, reflecting a gradual upward trend despite regional variations.

This comparative examination underscores the importance of localized data interpretation. For instance, Tompkins County's higher cost per square foot ($216) contrasts sharply with the statewide average ($435) and the national norm ($234), highlighting distinct regional preferences and economic drivers. Additionally, the discrepancy between median and average prices further emphasizes the need for nuanced analyses. Median prices provide a more reliable indicator of market health, avoiding distortions caused by outlier transactions. Thus, understanding these nuances equips stakeholders with actionable insights into both local and broader real estate dynamics, enabling informed decision-making processes.