The Elmira and Corning housing markets reflected national trends in 2023, with higher mortgage rates and low inventory cooling a market that was red-hot post-COVID.
The Elmira-Corning Regional Association of Realtors tallied a 25% dip in total sales closed in 2023 compared to 2022.
Homes weren’t the only thing on the market in 2023, though. A number of high-profile commercial properties, downtown buildings and manufacturing facilities changed hands over the course of the year.
An analysis of the latest available real estate data, through late December, found just over a dozen Chemung County homes sold for more than $500,000 in 2023.
The Corning area in Steuben County had nine properties sell for over $500,000 through the latest available data. The Elmira-Corning market topped out at just over $1 million for a home in Corning sitting on 48.5 acres.
Association President Mark Costanza sees similarities between today’s housing market and the one that greeted homebuyers when he entered the real estate industry 22 years ago.
“The rates then were high sevens, low eights,” he recalled. “Today we’re sitting around an average of 6.8, and the prediction for this year is it’s going to drop a little bit, which is good.
“There’s less buyers wanting to upgrade when they’ve got an existing lower rate mortgage, because they’ve been in the mix of buying and selling for awhile. The positive is a lot of the buyers are brand new buyers, so they’re unaffected by what the rates are.”
Costanza said the Association began 2024 with 55 active listings in the Elmira and Corning areas, with an uptick in new listings over the final few months of 2023. Costanza is optimistic the market will heat up as rates inch downward.
“I think we’ll see more listings and more buyers stepping up,” he said. “The reasons for people buying are very consistent. Whether it’s a job change, family change, those sorts of factors — those things don’t stop. We’ll be moving forward. We’re all very optimistic for the New Year and we’re ready as realtors to help everybody out as much as we can.”
Top 10 Chemung County commercial property sales in 2023
137 Colonial Drive, Big Flats: The large retail building on Colonial Drive featuring a Raymour & Flanigan Furniture and Mattress Store, covering 3.32 acres, sold for $10.7 million on July 27.
1216 county Route 64, Horseheads: NS Retail Holdings, LLC acquired 6.44 acres of large retail space in Horseheads, housing Dick’s Sporting Goods, for $6.9 million on July 18.
1621-1631 county Route 64, Horseheads: The retail property on 2.1 acres, including a Men’s Warehouse and Buffalo Wild Wings, sold for over $6.5 million on Aug. 2.
1641-1646 county Route 64, Horseheads: The shopping center anchored by a Starbucks, on 1.59 acres, sold for over $4.4 million on Aug. 11.
1575 Lake St., Elmira: The industrial space on 12.16 acres was acquired for $2.5 million on Jan. 12.
2122 Grand Central Ave., Horseheads: The property on 1.45 acres, housing a KFC franchise, sold for $1.9 million on May 25.
150-170 Lake St., Elmira: Chemung County purchased the former Five Star Bank Building on 2.4 acres for $1 million on June 23.
1268 Maple Ave., Elmira: The professional building on Maple Avenue, housing a dental office, sold for $709,000 on May 24.
511 Chemung St., Horseheads: The neighborhood shopping center in Horseheads, located on over 2 acres, sold for $700,000 on Feb. 16.
451 E. Market St., Elmira: The downtown row building sold for $700,000 on June 14.
Top 10 Chemung County home sales in 2023
37 Beckwith Road, Southport: Sold for $960,000 on April 20, with 311.2 acres.
100 Mead Road, Catlin: Sold for $790,000 on Feb. 6, with 156 acres.
147 Talarico Road, Horseheads: Sold for $750,000 on June 29, with 10 acres.
36 Brookwood Hills Drive, Big Flats: Sold for $685,000 on Feb. 28.
73 Quail Run, Big Flats: Sold for $675,000 on March 31, with 1.08 acres.
305 Wexford Lane, Horseheads: Sold for $635,000 on June 9, with .54 acres.
342 Wexford Lane, Horseheads: Sold for $620,000 on Sept. 21, with .61 acres.
413 Wexford Court, Horseheads: Sold for $590,000 on March 6, with .45 acres.
115 Lemae Drive, Catlin: Sold for $580,000 on June 30, with 3.21 acres.
369 Diven Ave., Elmira: Sold for $560,000 on Feb. 10, with 1.99 acres.
