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Dropping Home Values?
ELMIRA - [WENY] When it comes to real estate across the county, Elmira has the worst when it comes to declining prices. That's if two online financial news articles are to be believed.
The City of Elmira grabbed headlines after financial media outlets Marketwatch, and Bloomberg reported the city had the largest drop of home values and prices in the country.
Cathy Weil is the President-Elect of the Elmira Corning Regional Association of Realtors. She says looking at home sale figures between the second quarter of this year and last year, the median price of the transactions did drop 30 percent like the articles stated- but that's the median, not the average.
She also said, the median dropped because there was an increase in less expensive real estate transactions, and the median does not translate to dropping values or prices.
Cathy Weil said, "The actual value of a house did not change, you cannot determine that from the median."
Cathy added that the Twin Tiers real estate market is healthy, and that's including Elmira. She also recommends that if you do plan on buying or selling a home, you should contact a real estate agent for market information.
Links to both articles: