Things to know when looking to buy a new home

FILE – A “for sale” sign is posted in front of a home in Sacramento, Calif., March 3, 2022. Years of soaring prices turned into big profits for U.S. homeowners who sold their home in 2022, even as the housing market’s slump deepened, new data show. (AP Photo/Rich Pedroncelli, File)

by: Bruce Juneau III

Posted: Oct 12, 2023 / 05:10 PM EDT

Updated: Oct 12, 2023 / 05:10 PM EDT

ELMIRA, N.Y. (WETM) – New homes for sale in New York State are down a lot from four years ago, and according to the New York State Association of Realtors the interest rate and price of the homes doesn’t help with the situation.

According to NYSAR, in Chemung County the number of homes for sale has fluctuated over the past four years. Right now it’s down 5% from 2020, from 101 to 96 homes for sale. In Steuben County the number has dropped from 127 to 112, which is a 11.8% decrease. In Schuyler County it is nearly a 30% decrease, from 27 to 19.

The number of houses sold has also taken a hit in the area. After 2020, the number of houses sold went up for 2 years, but went back down. NYSAR reports a 10.7% decrease from 12,663 to 11,310 in New York State with the number now being lower than it was in 2020. In Chemung County there was a 37.9% decrease with 103 houses sold in August of 2020, and as of August of 2023 that number is now 64. In Schuyler County, 25 houses sold in August of 2020, with only 15 sold in August of this year and that’s a 40% drop. Steuben County had 95 homes sold in August of 2020 compared to 75 in August of 2023, around a 21% drop.

The houses around the Southern Tier have also spent less days up on the market since 2020. The houses typically spent 69 days up on the market in 2020, but now they spend an average of 43 days for sale. “I feel like we are getting into a more balanced market right now but it is basic economics where it’s supply and demand and when we have a big pool of buyers and a small pool of inventory it’s going to keep at the same pace it’s at now,” said Elmira/Corning Board of Realtors President Kelly McKay.

The median sales price on houses has had a strong increase across New York State. In August of 2020, the price was $304,000 and in August 2023 it was $411,500 which is up 35.4%. Chemung County grew 18.7% from $128,500 to $152,500. A 35.8% rise hit Schuyler County, going from $191,500 to $260,000, and Steuben County went up 8.3%, from $145,000 to $157,000.

More information on what you should look into when searching for a new home across New York State, check out the NYSAR website.