Broome County Real Estate Market Update: May 5 2024

Are you considering buying or selling a home in Broome County? If so, you'll want to stay informed about the current state of the real estate market. As of today, here's what you need to know:

• Limited Inventory

Broome County currently has a limited inventory of single-family homes for sale. With only 161 active listings available, buyers may face stiff competition in finding their dream home.This scarcity of options emphasizes the importance of acting quickly and decisively in this market.

• Active Sales and Pending Contracts

Despite the limited inventory, the real estate market in Broome County remains active. Since the beginning of the year, there have been 438 closed sales, indicating a steady demand for homes in the area. Additionally, 371 homes are currently under contract or pending, showing that buyers are actively pursuing properties in the market.

• Quick Sales

One notable trend in the Broome County market is the speed at which homes are selling. With a median of just 16 days on the market, properties are moving swiftly. This fast-paced environment underscores the need for both buyers and sellers to be well-prepared and responsive to opportunities as they arise.

• Stable Median Price

Despite the brisk pace of sales, the median price of homes in Broome County remains relatively stable. At $175,000, the median price offers affordability while still reflecting the value of properties in the area. This stability provides reassurance to both buyers and sellers in navigating the market.

• What Does This Mean for You?

For buyers, the competitive market underscores the importance of being pre-approved for a mortgage and having a clear understanding of your priorities and budget. Working with a knowledgeable real estate agent who understands the local market can also give you an advantage in finding and securing the right property.

For sellers, the current market presents an opportunity to capitalize on the strong demand for homes in Broome County. Pricing your home competitively and showcasing its unique features can help attract multiple offers and achieve a timely sale. Partnering with a skilled real estate agent who can effectively market your property is essential in maximizing its value.

• Final Thoughts

As the real estate market in Broome County continues to evolve, staying informed about current trends and statistics is crucial for making informed decisions. Whether you're buying or selling, having the right information and support can make all the difference in achieving your real estate goals.

If you're considering entering the real estate market in the Broome County area, now is the time to take action. Reach out and contact me today to learn more about how you can navigate this dynamic market with confidence. Call or text me at the number below and let me put my experience and knowledge to work for you.

Robert Potochniak
Lic assoc Real Estate Broker
EXIT Realty Homeward Bound
202 Clubhouse Rd., Vestal, NY 13850
Dir Cell: 607-759-4760

Equal Opportunity Housing