The Madison County residential real estate market recorded six property transfers during the week of December 15. The sales, spread across several towns including Oneida and Erieville, showcased a wide range of property values, with a home on Broad Street in Oneida selling for $450,000.
During this period, the median sale price for the area was established by a 1,442-square-foot home in Erieville, which sold for $172,000. This figure provides a central benchmark for understanding property values across the county during the late-year market.
Key Takeaways
- Six residential properties were sold in Madison County during the week of December 15.
- The highest-priced sale was a 3,160-square-foot home in Oneida, which sold for $450,000.
- The median sale price for the week was $172,000 for a home in Erieville.
- Property values per square foot varied significantly, ranging from $94 to $164 across the reported sales.
Oneida Leads with High-Value Transactions
The city of Oneida was the center of significant real estate activity, accounting for half of the week's transactions. The most notable sale was a 3,160-square-foot residence at 341 Broad St., purchased by Mark E. Flynn and Nadinee L. Barrryflynn for $450,000. This substantial property, featuring four bedrooms and three bathrooms, commanded a price of $142 per square foot.
This sale stands out not only for its total price but also for the size of the home, making it the largest property sold during this period. Such a high-value transaction suggests continued demand for larger, well-appointed homes within the city.
Another significant sale in Oneida took place at 139 Hunt Valley Road. Lawrence and Michele Sojda acquired the 2,056-square-foot home for $337,500. This property, which includes four bedrooms and three bathrooms, achieved the highest price per square foot of the week at $164. This metric often indicates a property in excellent condition, a desirable location, or with modern amenities that buyers are willing to pay a premium for.
Rounding out the activity in Oneida, a smaller home at 1109 Williams St. was purchased by Catherine A. Daly for $190,000. The 1,476-square-foot house, with three bedrooms and one bathroom, sold for $129 per square foot, aligning with a more moderate price point in the local market.
Understanding Price Per Square Foot
Price per square foot is a key metric used in real estate to compare the value of properties of different sizes. It is calculated by dividing the sale price of a home by its total square footage. A higher price per square foot can suggest a more valuable location, better condition, or superior features.
The Median Sale in Erieville
Setting the midpoint for the week's market activity was a sale in the town of Nelson. A home located at 3083 Hall Road in Erieville was acquired by Allison B. Barletta for $172,000. This transaction was identified as the median sale for Madison County during this period.
The property itself is a 1,442-square-foot residence with two bedrooms and two bathrooms. Its sale price translates to $119 per square foot, offering a snapshot of the typical market value for a mid-sized home in the more rural parts of the county.
The concept of a median sale is important as it represents the middle value in a set of data, meaning half the homes sold for more and half sold for less. It is often considered a more accurate indicator of the market than the average sale price, which can be skewed by unusually high or low sales.
Madison County Market Snapshot
- Total Transactions: 6
- Highest Sale Price: $450,000
- Median Sale Price: $172,000
- Lowest Sale Price: $145,000
- Price Per Square Foot Range: $94 - $164
Activity in Wampsville and Chittenango
Beyond Oneida and Erieville, other towns in Madison County also saw real estate activity, highlighting the diverse nature of the regional market. These sales occurred at more accessible price points, reflecting different housing stock and buyer demand.
Lenox (Wampsville)
In the town of Lenox, a property at 116 Daniels Drive in Wampsville was sold to Edward M. and Deborah D. Armstrong. The transaction, facilitated by Keybank NA, was for $153,000. The 1,568-square-foot home features three bedrooms and one bathroom. This sale registered a price per square foot of $98, offering a more affordable option within the county.
Sullivan (Chittenango)
The most affordable transaction of the week occurred in the town of Sullivan. A home at 306 Brinkerhoff St. in Chittenango was sold by Marie R. Casler to Ariana R. and Jose R. Ocasio for $145,000. This 1,544-square-foot residence includes three bedrooms and one bathroom.
At $94 per square foot, this property had the lowest price-per-square-foot value among the reported sales. This indicates that entry-level opportunities remain available for homebuyers in certain parts of Madison County.
What These Sales Indicate for the Market
The collection of sales from the week of December 15 provides a valuable glimpse into the Madison County housing market. The data reveals a market with multiple tiers, from high-value properties in established areas like Oneida to more affordable homes in towns like Chittenango and Wampsville.
The significant gap between the highest sale ($450,000) and the lowest ($145,000) demonstrates the diversity of housing options available. Furthermore, the variation in price per square foot, from $94 to $164, underscores how location, property size, and condition play crucial roles in determining final sale prices.
While a single week's data is just a snapshot, these six transactions suggest a stable and active market, even during a traditionally slower time of year for real estate. The presence of both premium and budget-friendly sales points to a healthy market catering to a wide spectrum of buyers.
