The Cortland County real estate market saw a diverse range of activity in the third week of October, with 10 property sales recorded between October 18 and October 24. Transactions spanned from a modest $70,000 cabin in Virgil to a substantial $695,000 residence in Cortlandville, highlighting the varied landscape of the local housing market. The median sale price for this period was $175,000.
Key Takeaways
- Ten homes were sold in Cortland County from Oct. 18 to Oct. 24.
- The highest-priced sale was a 3,321-square-foot home in Cortlandville for $695,000.
- The median sale price for the week was $175,000, represented by properties in Preble and Cortland.
- Transactions demonstrated a wide range in value, from $70,000 to nearly $700,000.
- Price per square foot varied significantly, from $66 in Cincinnatus to $228 in Preble.
A Market of Diverse Opportunities
An examination of property sales reveals a market with options across multiple price points. The week's activity shows that Cortland County caters to a wide spectrum of buyers, from those seeking affordable starter homes or rural retreats to those investing in larger, high-end family residences.
The geographic spread of sales across towns like Cortlandville, Homer, Scott, and Virgil underscores the variety available. Each area presents unique characteristics, influencing property values and buyer interest. This period's transactions provide a clear snapshot of these distinct local markets operating within the broader county.
The High-End Cortlandville Sale
The most significant transaction of the week was the sale of a home at 1149 Davinci Drive in Cortlandville. Mac Knight and Valerie Royal acquired the property for $695,000. This spacious 3,321-square-foot home features four bedrooms and three bathrooms.
The sale price translates to a value of $209 per square foot, positioning it at the premium end of the market for the week. Such sales indicate strong demand for larger, well-appointed homes in desirable neighborhoods within the county.
Cortlandville's Premier Sale
- Price: $695,000
- Location: 1149 Davinci Drive
- Size: 3,321 square feet
- Price per Square Foot: $209
- Features: 4 bedrooms, 3 bathrooms
Understanding the Median Price Point
The median sale price provides a crucial benchmark for understanding the typical market value. For the week of October 18-24, this figure stood at $175,000. Interestingly, three separate properties sold at or very near this price point, each offering a different value proposition.
In Preble, a 768-square-foot home at 6165 State Route 281 sold for exactly $175,000. While smaller, its price per square foot was the highest recorded at $228, suggesting factors like location, condition, or land contributed significantly to its value. Timothy and Erin Kemp were the buyers of this two-bedroom, one-bathroom property.
Similarly, a home at 25 Bellrose Ave. in the city of Cortland was sold to Michael Nelson for $175,000. This property offered more living space at 1,012 square feet, resulting in a price of $173 per square foot for a three-bedroom, one-bathroom house. A third home, located at 7339 Fair Haven Road in Scott, also sold for $175,000. This 1,534-square-foot home offered the most space among the median-priced properties, translating to a value of $114 per square foot.
What is a Median Sale Price?
The median price is the middle value in a list of sale prices. It is often considered a more accurate representation of the market than the average price, as it is less affected by unusually high or low sales. In this case, with 10 sales, the median is the average of the 5th and 6th highest sale prices.
A Closer Look at Notable Transactions
Beyond the highest and median sales, several other transactions offer insight into the county's market dynamics. In Homer, a significant sale occurred at 4609 Briar Hill Road, where Emily and Eric Pugh purchased a 2,504-square-foot home for $450,000. At $180 per square foot, this four-bedroom, three-bathroom house represents a substantial investment in a desirable residential area.
On the other end of the spectrum, the most affordable property sold was a 448-square-foot cabin at 1912 State Route 392 in Virgil. Purchased by Brendon and Holly Evans for $70,000, this compact one-bedroom home highlights the market for rustic, minimalist living or recreational properties in the county's more rural areas. Its price per square foot was $156.
Sales Across the County
Other sales filled out the middle of the market, each with its own story:
- Scott: A 1,420-square-foot home at 6271 Route 41 sold for $249,500 ($176 per sq. ft.). This four-bedroom property was purchased by Richard Berry.
- Cortlandville: Barry and Brittney Pouliot acquired a 2,624-square-foot home at 2261 Ridge Road for $270,000 ($103 per sq. ft.).
- Freetown: Niki Pittsley bought a 1,008-square-foot home at 2953 E. Freetown Texas Valley Road for $166,000 ($165 per sq. ft.).
- Cincinnatus: A 1,832-square-foot home at 2879 E. View Terrace was purchased by Matthew Lindley for $120,000. This sale had the lowest price per square foot of the week at just $66.
This collection of sales from a single week illustrates a healthy and active real estate market in Cortland County, with transactions successfully closing across various townships and price ranges. The data reflects ongoing buyer interest in the region, from large family homes to affordable starter properties and rural getaways.
