Greetings real estate readers! I'm Linda Santos reporting from the Warren Real Estate offices in downtown Ithaca.
In 2023 there were 38 residential sales in Newfield, in spite of interest rates doubling during the second half of the year. While Tompkins County overall took a loss of $30M last year, and 61 fewer homes sold in the county, Newfield had its best year ever in terms of the number of residential sales, along with an increase in the sold price per square foot/SF ($166.85).
Year |
Res. Sales |
Avg. Sold Price |
Avg. DOM |
Avg. Sold price/SF |
2019 |
25 |
191,163 |
85 |
124.79 |
2020 |
23 |
206,758 |
47 |
107.26 |
2021 |
29 |
245,830 |
46 |
161.07 |
2022 |
28 |
288,311 |
16 |
151.47 |
2023 |
38 |
237,569 |
10 |
166.85 |
2024 YTD |
20 |
285,295 |
25 |
172.02 |
Newfield will likely end the year with a total of 28-32 residential sales. There are currently 8 listings pending.
Statistically speaking, since 2019 when the average price was 191,163 Newfield has been participating along with the rest of the county in significant appreciation in real estate. Between 2019-2023, 24% average appreciation over 5 years breaks down to roughly 5% per year. Remember, this is a theoretical average based on ALL of the sales we have recorded through the MLS. Many homes exceed these expectations, and some do not rise as high in gains. For the real drama though, reflect on the change in DOM - days on market. This is a huge story for Newfield! In 2019 it took an average of 3 months to get a home under contract there. Last year, a 10 day average for all sales indicates high demand, and a lack of inventory here as elsewhere. This trend is back up to 25 DOM, year to date. For a home in good condition, well priced, this could still be a time of good opportunity for a sale.
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