Finger lakes new york real estate
The Finger Lakes region of New York is a popular destination for those looking to buy or sell real estate. Here are some key facts and statistics about the Finger Lakes real estate market:
Overview
The Finger Lakes region is a scenic area located in central New York, known for its natural beauty, wineries, and outdoor recreational opportunities. The region includes 11 counties: Cayuga, Seneca, Schuyler, Tioga, Tompkins, Cortland, Onondaga, Wayne, Ontario, Yates, and Steuben.
Housing Market Trends
According to data from the New York State Association of Realtors, the Finger Lakes region has seen steady growth in the housing market over the past few years. Here are some key trends:
- Median sales price: The median sales price in the Finger Lakes region has increased by 10% over the past year, to $240,000.
- Sales volume: The number of homes sold in the region has increased by 15% over the past year, with over 2,500 homes sold in 2020.
- Inventory: The inventory of homes for sale in the region has decreased by 10% over the past year, with around 1,500 homes currently on the market.
Popular Areas
Some of the most popular areas for real estate in the Finger Lakes region include:
- Ithaca: Known for its vibrant downtown area and Cornell University, Ithaca is a popular destination for young professionals and families.
- Geneva: Located on the shores of Seneca Lake, Geneva is a charming town with a strong sense of community and a growing downtown area.
- Watkins Glen: This picturesque town is located on the southern end of Seneca Lake and is known for its natural beauty and outdoor recreational opportunities.
- Hammondsport: Located on the southern end of Keuka Lake, Hammondsport is a charming town with a strong sense of community and a growing wine industry.
Types of Properties
The Finger Lakes region offers a wide range of properties, including:
- Single-family homes: From cozy cottages to large estates, single-family homes are the most common type of property in the region.
- Condominiums: Many of the region's towns and cities have condominium complexes, offering a more affordable option for buyers.
- Farmhouses: The Finger Lakes region is known for its agricultural heritage, and many farmhouses are available for sale, often with acreage and outbuildings.
- Waterfront properties: With numerous lakes and waterways, the Finger Lakes region offers many waterfront properties, including homes, condos, and townhouses.
Challenges and Opportunities
While the Finger Lakes real estate market is generally strong, there are some challenges and opportunities to consider:
- Affordability: The region's popularity has driven up prices, making it challenging for some buyers to find affordable options.
- Seasonality: The region's economy is seasonal, with tourism driving much of the local business. This can impact the real estate market, particularly for short-term rentals.
- Infrastructure: The region's infrastructure, including roads and public transportation, is limited in some areas, which can impact the quality of life for residents.
Resources
For those looking to buy or sell real estate in the Finger Lakes region, here are some resources to consider:
- Finger Lakes Association of Realtors: A professional organization representing real estate agents and brokers in the region.
- New York State Association of Realtors: A statewide organization providing resources and support for real estate professionals.
- Local real estate agents: Many local real estate agents have extensive knowledge of the region and can provide valuable insights and guidance.
Overall, the Finger Lakes region is a beautiful and desirable place to live, with a strong real estate market and plenty of opportunities for buyers and sellers alike.