The Cortland County real estate market saw a diverse range of activity in the final week of October, with ten properties changing hands. The transactions, recorded between October 25 and October 31, highlight a market with significant price variation, from a modest land acquisition to a high-value residential sale.
A property on Sherman Road in Virgil commanded the week's highest price at $785,000, while the most affordable transaction was a home on Lighthouse Hill Road in Cortlandville, which sold for $35,000. The total value of all ten sales during this period reached nearly $2.2 million.
Key Takeaways
- Ten home sales were recorded in Cortland County from October 25 to October 31.
- The highest sale price was $785,000 for a home in Virgil.
- The lowest sale price was $35,000 for a property in Cortlandville.
- The median sale price for the week was $200,000.
- The total value of all transactions amounted to approximately $2,198,000.
A Tale of Two Extremes in Cortlandville
The town of Cortlandville was home to both the week's median sale and its most affordable purchase, illustrating the varied opportunities within a single area. A 1,092-square-foot home on McLean Road sold for $200,000, aligning perfectly with the market's midpoint for the week. This three-bedroom, one-bathroom house represents a key benchmark for the local market.
At the other end of the spectrum, a 1,426-square-foot property on Lighthouse Hill Road was acquired for just $35,000. This transaction resulted in a price per square foot of only $25, the lowest recorded during this period. Such a low price point often indicates factors such as the condition of the property or that the sale may include land with a structure requiring significant investment.
Meanwhile, a high-value transaction also occurred in Cortlandville. A 2,318-square-foot home on Hart Drive sold for $330,000. This sale, at $142 per square foot, shows a strong demand for larger, well-maintained homes in the area.
Virgil Property Commands Top Price
The most significant sale of the week took place in Virgil, where a 2,112-square-foot home on Sherman Road was sold for $785,000. This transaction stood out not only for its high price but also for its value metric. At $372 per square foot, it was by far the highest price per square foot recorded, suggesting a premium property, location, or both.
The three-bedroom, three-bathroom home's sale price significantly skewed the week's average, demonstrating that high-end properties continue to attract substantial investment in the county. This single transaction accounted for more than a third of the total real estate value exchanged during the seven-day period.
Market Snapshot: Oct 25-31
- Total Transactions: 10
- Total Sales Value: $2,198,000
- Average Sale Price: $219,800
- Highest Price: $785,000 (Virgil)
- Lowest Price: $35,000 (Cortlandville)
- Median Price: $200,000 (Cortlandville)
Activity Across the County
Sales were not limited to just one or two towns, with transactions spread across several communities, including Cortland, Homer, Cincinnatus, Scott, and Taylor.
City of Cortland Sales
Two sales were recorded within the City of Cortland. A two-bedroom home on Elm Street sold for $135,000. This 1,254-square-foot property was valued at $108 per square foot. Another property on Grant Street, a larger 2,196-square-foot home, sold for $207,000, which translates to $94 per square foot.
Homer and Cincinnatus
In the village of Homer, a compact 864-square-foot house on Michael Street was purchased for $187,000. Despite its small size, this property had a high valuation of $216 per square foot, indicating strong demand in that specific neighborhood.
Further out in Cincinnatus, a 1,680-square-foot home on Telephone Road was acquired for $125,000. At $74 per square foot, this three-bedroom property represented one of the more affordable family-sized homes sold during the week.
Understanding Price Per Square Foot
Price per square foot is a common metric used to compare the value of different properties. It is calculated by dividing the sale price of a home by its total square footage. While useful, it doesn't account for other important factors like the condition of the home, lot size, location, or recent renovations. A very high or low number can indicate unique circumstances surrounding a property.
Rounding Out the Week's Transactions
The remaining sales continued to show a market with varied price points. In the town of Scott, a three-bedroom home on Sunnyside Drive sold for $217,000. This 1,350-square-foot residence was valued at $161 per square foot.
Finally, in Taylor, a spacious five-bedroom home on Cheningo Solon Pond Road was purchased for $117,000. While the price was low, the 1,435-square-foot home offered significant living space, translating to a value of $82 per square foot.
Overall, the ten transactions from the last week of October provide a detailed snapshot of the Cortland County housing market. The data reveals a landscape where both high-value rural estates and affordable town homes are actively being bought and sold, catering to a wide range of budgets and preferences.
