Syracuse Housing Market: Prices, Trends, Forecast 2024

Syracuse, New York is not only a city rich in history and culture but also a place with a diverse housing market. The Syracuse housing market is showing some mixed signals at the moment, with some indicators suggesting a continued seller’s market while others hint at a potential shift towards a more balanced market.

How is the Syracuse housing market doing currently?

According to Realtor.com®, Syracuse, NY, emerged as a seller’s market in December 2023. This classification implies that there are more prospective buyers than available homes, creating an environment favorable to sellers. Let’s delve into the key statistics that define the current state of the market.

Median Listing Home Price

The median listing home price in Syracuse, NY, reached $129.9K in December 2023, reflecting a remarkable year-over-year increase of 32.6%. This surge in pricing indicates a robust and evolving real estate landscape in the city.

Median Listing Home Price per Square Foot

The median listing home price per square foot stood at $94, providing insights into the spatial considerations affecting property values. Understanding this metric is crucial for both buyers and sellers in making informed decisions.

Median Home Sold Price

The median home sold price in Syracuse was $174K, shedding light on the actual transaction values. This figure is essential for assessing the financial aspects of the market and understanding the average costs involved in buying a home.

Sale-to-List Price Ratio

With a sale-to-list price ratio of 100.07%, homes in Syracuse were, on average, sold for nearly the asking price in December 2023. This points towards a competitive market where sellers have the upper hand in negotiations.

Days on Market

On average, homes in Syracuse took 51 days to sell. While this indicates a relatively quick turnover, it’s essential to note the changing trend in median days on the market. The current figure has increased since last month but shows a slight decrease from the previous year.

Neighborhood Insights

Syracuse comprises 24 neighborhoods, each contributing to the diverse real estate landscape. Let’s explore the pricing dynamics in two contrasting neighborhoods – Meadowbrook and Near West Side. Meadowbrook boasts a median listing home price of $274.3K, positioning it as the most expensive neighborhood in Syracuse.

This upscale locale caters to those seeking premium residential experiences. Contrastingly, Near West Side stands out as the most affordable neighborhood, with a median listing home price of $49.7K. This presents an excellent opportunity for budget-conscious homebuyers looking to enter the Syracuse housing market.

Syracuse Housing Market Forecast for 2024

The data, sourced from Zillow shows that the average home value in Syracuse stands at $174,089, indicating a significant increase of 9.9% over the past year. Homes in this area typically go pending in approximately 9 days, showcasing a dynamic and fast-paced real estate environment. There is no current indication of a housing market crash in Syracuse. The steady increase in home values and the overall market conditions point towards a stable real estate environment in the foreseeable future.

Key Metrics as of November 30, 2023

• For Sale Inventory: 311
• New Listings: 145
• Median Sale to List Ratio (October 31, 2023): 1.072
• Median Sale Price (October 31, 2023): $185,833
• Median List Price (November 30, 2023): $154,600
• Percent of Sales Over List Price (October 31, 2023): 76.0%
• Percent of Sales Under List Price (October 31, 2023): 17.7%

Syracuse MSA Housing Market Forecast

The housing market forecast for the Syracuse Metropolitan Statistical Area (MSA) anticipates a steady growth trajectory. As of November 30, 2023, the forecast predicts a modest increase, with a 0.3% rise expected by the end of December 2023 and another 0.3% by February 29, 2024.

Looking further ahead, a more substantial growth of 0.8% is projected by November 30, 2024. This forecast, based on data provided by Zillow, provides valuable insights for potential buyers and sellers in the region.

The Syracuse Metropolitan Statistical Area (MSA) encompasses a region in New York state, including multiple counties. In this context, MSA refers to a geographical area with a high degree of social and economic integration with the central city, in this case, Syracuse. The counties within this MSA contribute to its housing market, and collectively, it forms a significant real estate landscape in terms of both size and impact.

Are Home Prices Dropping in Syracuse?

As of the latest data available (November 30, 2023), home prices in Syracuse have experienced a substantial 9.9% increase over the past year, suggesting a trend of rising property values rather than a decline.

The present conditions in the Syracuse housing market favor sellers, but for buyers, it remains a good time to enter the market. The growth forecast for 2023 and 2024 suggests a positive outlook, making it an opportune time for potential homebuyers.

Is Syracuse, NY a Good Place For Real Estate Investment?

When it comes to real estate investment, finding the right market is paramount. Syracuse, New York, is emerging as a potential contender, capturing the attention of investors seeking promising opportunities in a dynamic housing market. In this article, we’ll delve into the Syracuse housing market, exploring its current state, growth potential, and key factors that make it an enticing destination for real estate investment.

The Current State of the Syracuse Housing Market

The Syracuse housing market has been gaining traction, with notable trends that attract both local and out-of-state investors. As of the latest data, the average home value in Syracuse is $174,089, demonstrating a substantial increase of +9.9% over the past year. These figures reflect a flourishing market where property values are on the rise, hinting at a positive trajectory for investors.

What’s even more intriguing is the swift pace at which properties are going pending. Homes in the Syracuse housing market typically remain on the market for a mere 9 days before entering the pending stage. This speaks to a competitive environment and a heightened demand for housing, showcasing the city’s appeal to potential buyers.

Projected Growth and Syracuse MSA

The Syracuse Metropolitan Statistical Area (MSA) encompasses a range of neighborhoods, suburbs, and communities, contributing to the city’s diverse real estate landscape. According to the Syracuse housing market forecast, the projected changes in the Syracuse MSA housing market indicate a promising trend. By Nov 2024, the anticipated growth percentages (+0.8%) signal a positive outlook for property value appreciation. This forecast underscores the Syracuse housing market’s potential to provide attractive returns for investors who strategically enter the market at the right time.

Affordability and Investment Potential

One of the compelling aspects of the Syracuse housing market is its affordability. While property values are on the rise, Syracuse remains an accessible option for buyers and investors alike. The relatively lower home prices compared to larger metropolitan areas make it an attractive choice for those looking to enter the real estate market.

The investment potential in the Syracuse housing market extends beyond affordability. With positive growth projections and a steady demand for housing, investors can consider both short-term gains and long-term appreciation. The city’s economy is diversified, with sectors like education, healthcare, and technology driving employment and supporting the demand for housing.

Educational and Cultural Appeal

Syracuse’s charm goes beyond its economic prospects. The city is home to several educational institutions, including Syracuse University, which adds to the cultural vibrancy and supports a knowledgeable workforce. The presence of universities can also contribute to the demand for rental properties, creating opportunities for investors interested in the rental market.

Furthermore, Syracuse offers a mix of urban amenities and natural beauty. Residents and potential tenants can enjoy a balanced lifestyle, with access to parks, outdoor activities, and cultural attractions. This combination makes Syracuse a desirable place to live, attracting a diverse population and enhancing its real estate investment appeal.

Conclusion

The Syracuse housing market’s upward trajectory, coupled with its affordability, growth potential, and quality of life, positions it as an intriguing option for real estate investors. However, as with any investment decision, due diligence is vital. It’s crucial to stay informed about local market conditions, analyze historical data, and consult with real estate professionals who possess expertise in the Syracuse housing market.

As you contemplate your investment strategy, consider the projected growth, affordability, and economic drivers that Syracuse has to offer. With its rising property values, swift market pace, and promising outlook, Syracuse, New York, emerges as a compelling destination for those seeking to capitalize on the opportunities presented by the dynamic world of real estate investment.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. If the housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.

Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Sources:

• https://www.zillow.com/Syracuse-ny/home-values/
• https://www.realtor.com/realestateandhomes-search/Syracuse_NY/overview