A single residential property transaction took place in Madison County during the week of October 25 to October 31, 2023. The notable sale involved a home located on Lake Street in Sullivan, which sold for $260,000. This 1,052-square-foot residence, featuring three bedrooms and one bathroom, exemplifies the current state of the local real estate market.
The transaction details indicate that the home was sold by Rachel E. Stedman to Peter Guarino. The price translates to approximately $247 per square foot, reflecting the ongoing trends in property values within the region.
Overview of Recent Home Sales
While the overall activity in Madison County real estate remains subdued, the sale on Lake Street highlights some ongoing demand for residential properties. The median price for homes in the area continues to vary, with this particular sale representing a stable transaction amidst fluctuating market conditions.
In comparison, neighboring counties have also seen varying levels of real estate activity recently. In contrast to Madison County’s limited sales, other counties such as Onondaga and Cortland have reported multiple high-value transactions, including a lakeside property that fetched $1.8 million.
As the market evolves, potential buyers and sellers in Madison County may look towards these neighboring regions for trends and pricing strategies. The recent single transaction serves as a reminder of the selective nature of current home sales and the broader economic factors influencing the real estate landscape.
This week’s activity underscores the importance of staying informed about local market conditions, particularly for those considering entering the property market. As the fourth quarter of 2023 progresses, it will be interesting to see how these trends develop in Madison County and beyond.
