3rd Quarter Market Report: Skaneateles NY Real Estate 2024
As we move through the second half of 2024, the Skaneateles real estate market continues to showcase both resilience and opportunity. With its stunning lakefront properties, charming village homes, and peaceful countryside estates, Skaneateles, NY remains one of the Finger Lakes region’s most desirable places to live. In this Q3 market report, we'll provide key insights into current trends, inventory shifts, and pricing updates to help both buyers and sellers understand the state of the market.
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Market Overview: Stability Amid Limited Inventory
The Skaneateles real estate market remains competitive, though we are seeing some signs of stabilization compared to the first half of the year. Low housing inventory continues to shape the landscape, with many buyers finding themselves in multiple-offer scenarios, particularly for well-maintained properties with lake access or located in the highly sought-after village area.
In Q3 2024, average home prices in Skaneateles have remained steady, with both waterfront and non-waterfront properties showing modest appreciation year-over-year. However, there is also a noticeable trend of longer days on market for homes priced above $1.5 million, as higher interest rates and evolving buyer preferences have impacted luxury sales.
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Key Stats for Q3 2024
Median Sales Price: $865,000
Average Days on Market (DOM): 47 days
Total Sales: 29 homes closed
Available Inventory: 24 active listings (as of September 30, 2024)
While these numbers reflect the overall strength of Skaneateles NY real estate, they also highlight ongoing inventory challenges. Properties priced between $500,000 and $800,000 are moving quickly, while higher-end homes are requiring more strategic marketing efforts.
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Buyer and Seller Trends
Buyers: Out-of-state buyers continue to drive demand, especially those seeking vacation homes or permanent relocation from metro areas like New York City, Boston, and Washington, D.C. Skaneateles' reputation for scenic beauty and high-quality schools remains a key draw for families.
Sellers: Sellers are benefiting from continued interest in lakefront properties, but setting the right price is critical, particularly in the luxury segment. Those working with an experienced Skaneateles real estate agent, such as Ellen O'Connor, are seeing the best outcomes by aligning pricing strategies with market conditions.
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Lakefront Property Market Update
Waterfront homes along Skaneateles Lake continue to command premium prices. However, buyers are becoming more discerning, placing a greater emphasis on property condition and amenities like boat slips and lake views. Renovated homes with turnkey appeal are receiving the most attention, while those requiring significant updates are seeing slower movement despite the desirable location.
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Looking Ahead: What to Expect in Q4 2024
The outlook for the fourth quarter suggests a continuation of current trends. Inventory is likely to remain tight, keeping pressure on buyers to act quickly when desirable homes hit the market. Sellers may find that the holiday season brings motivated buyers looking to close deals before the year ends.
For both buyers and sellers, partnering with a knowledgeable Skaneateles real estate agent like Ellen O'Connor can make all the difference in navigating this unique market. With her expertise, clients benefit from local insights, strategic marketing plans, and a personalized approach to buying or selling homes in Skaneateles NY.
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Final Thoughts
The third quarter of 2024 has been a dynamic period for Skaneateles real estate, with strong buyer interest tempered by limited inventory and cautious luxury market activity. Whether you’re looking to buy a lakeside retreat or sell your current property, the Skaneateles NY real estate market offers exciting possibilities—but timing and strategy are key.
If you have questions or need personalized advice, don’t hesitate to reach out to Ellen O'Connor, your trusted Skaneateles real estate agent. With her deep knowledge of the local market, she can guide you through every step of the process and help you make the most of your real estate journey.
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Ready to explore the Skaneateles real estate market? Contact Ellen O'Connor today to learn more about available properties and how to position yourself for success in this competitive market.
