Exploring the Real Estate Market in Greater Binghamton: Home Prices and Steady Growth

The real estate market in Greater Binghamton continues to attract potential homeowners with its relative affordability and promising growth. While home prices have risen in the Greater Binghamton marketplace, they are still within reason when compared to surrounding areas and those in other states. 

A new factor to face in the area market is that while inventory remains lower, the Binghamton marketplace has attracted buyers from surrounding areas where prices have risen faster and higher than the Binghamton market area and where inventory is equally and even more scarce.

With a median home price fluctuating around $159,000, a steady home value growth rate of 3.6%, and an inventory hovering around 225 homes within the MLS service area, the region presents excellent opportunities for home sellers. 

In this blog post, I'll delve further into the current state of the Greater Binghamton real estate market, considering both price trends and population dynamics.

Affordable Homes and Steady Growth:

One of the major attractions of Greater Binghamton's real estate market is its relative affordability in housing options when compared to other areas. 

With a median home price of around $159,000, and although competition for homes remains strong, most prospective homebuyers can find properties that align with their budgetary constraints without compromising too greatly on quality. However, buyers under the $150,000 price range are beginning to find increasing difficulty finding suitable housing. 

The lack of new single family construction in the $150,000 to $250,000 price range has exasperated the housing situation. Buyers should not enter the market thinking that it will only take a few weeks to find a home.

Furthermore, the consistent growth in home values at a rate of roughly 3.6% signifies a stable and healthy market. This upward trajectory ensures that homeowners can expect their properties to appreciate over time, making real estate in Greater Binghamton a sound long-term investment. Of course, any changes in the economy, increases in long term interest rates or layoffs in the workforce could and likely would affect the housing market. 

Inventory and Market Dynamics:

The Greater Binghamton MLS currently maintains an inventory of around 225 homes, offering a lower than desired selection for buyers to explore. This level of inventory suggests a tight market, providing fewer options leaving  buyers with a fewer number of choices.

Moreover, it's worth noting that the inventory growth rate has seen a decrease of approximately 15%. While this reduction might seem slight, it indicates a tightening of the market, which could lead to increased competition among buyers. Therefore, it's advisable for interested individuals to act promptly when they find a property that suits their needs.

Population and the Greater Binghamton Advantage:

The Greater Binghamton metropolitan area boasts a population of approximately 247,000 residents. This fairly sizable population contributes to the area's vibrant community and diverse amenities. From cultural attractions to recreational opportunities, Greater Binghamton offers a range of benefits to its residents.

A sustained demand for housing continues in the region. For those considering real estate investment, this factor enhances the potential for rental income and property value appreciation.

Although the real estate market presents its challenges, homebuyers should not be discouraged. Albeit at a slower pace, new homes for sale continue to come on the market daily and interest rates have lowered since last Fall and continue to stabilize in the 5-6% range depending upon credit worthiness and type of loan.

Looking to make a move?

If you’re looking to sell or buy a home, I’m here to help. Call or text me today and my team and I will be ready to help you with your real estate needs. You can reach me at (607) 759-4760. 

Robert Potochniak
Lic Assoc Real Estate Broker 
EXIT Realty Homeward Bound, Vestal, NY