The median sales price for a single-family home sold in Tompkins County during May was $365,000. That’s an increase of 34.7% compared with May 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
May prices are up from $302,385 the previous month.
The number of houses sold fell by 6.7% from a year earlier. A total of 56 houses were sold countywide during May. During the same period a year earlier, 60 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
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Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.
In Tompkins County the top 10% of the properties sold for at least $575,000, up 21% from a year before.
In May, no properties sold for $1 million or more.
New York’s median single-family home sales price was $370,000 in May, up 5.2% from a year earlier. The state reported 8,785 single-family homes sold, down 7.2% from a year earlier.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what’s happening in a market . In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.
This article originally appeared on Ithaca Journal: Tompkins County’s average home sold for a higher price year over year