Local Outlook

December 28th, 2011I am frequently asked about the state of the Ithaca real estate market, and I am happy to report that it is doing well, especially in comparison to many other parts of the country.  We have a lot to be thankful for.  In general our economy is stable, which is true in many areas where educational institutions are the largest employers.  Our strong local lenders have made a huge difference by maintaining high standards.  In 2008 Ithaca was featured in a New York Times article because, of all the metropolitan areas in the United States, we had the lowest percentage of sub-prime loans.  Although many local homeowners are struggling, there have been few foreclosures and few distressed properties dragging down neighborhoods and prices.

Some neighborhoods and prices have fared better than others, and there is competition for houses in good condition under $200,000.  The City of Ithaca market has remained strong throughout the downturn, as an increasing number of buyers are interested in a pedestrian life-style.