Syracuse, New York is not only a city rich in history and culture but also a place with a diverse housing market. Currently, the Syracuse housing market tilts in favor of sellers, given the high demand and limited inventory. Sellers can capitalize on the competitive landscape by pricing their homes strategically and leveraging the multiple offers scenario to maximize returns.
However, for buyers, navigating this competitive market requires patience and diligence. Being prepared to act swiftly and decisively in the face of competing offers is essential to secure desired properties.
Syracuse Housing Market Trends in 2024
In recent times, the Syracuse housing market has experienced a significant surge in activity, with home prices soaring to new heights and market dynamics shifting in response to various factors.
How is the Housing Market Doing Currently?
The latest data paints a picture of a market that is booming with activity. According to Redfin, in February 2024, home prices in Syracuse witnessed a remarkable increase of 37.3% compared to the previous year, with the median price reaching $145K. This surge in prices reflects the high demand for housing in the area.
Furthermore, homes in Syracuse are selling faster than ever before, spending an average of 36 days on the market, down from 40 days the previous year. This accelerated pace indicates a robust market where properties are being snapped up swiftly.
How Competitive is the Syracuse Housing Market?
Syracuse is undeniably a competitive market, characterized by multiple offers on many properties, some even with waived contingencies. The average home sells for approximately 1% above list price and goes pending in around 34 days, showcasing the intense competition among buyers.
Moreover, hot homes in Syracuse can fetch prices 8% above list price and go pending in as little as 12 days, indicating the fierce bidding wars that often occur in this market.
Are There Enough Homes for Sale to Meet Buyer Demand?
Despite the high demand for homes in Syracuse, there are concerns about the availability of inventory to meet buyer demand. In February of this year, 106 homes were sold, up from 82 the previous year. However, the supply may still struggle to keep pace with the surging demand, leading to competitive bidding and rising prices.
What is the Future Market Outlook for Syracuse?
The future market outlook for Syracuse appears promising yet challenging. While the current upward trajectory in prices indicates a strong market sentiment, factors such as limited inventory and rising interest rates could pose challenges in the coming months.
Additionally, migration and relocation trends play a crucial role in shaping the future of the housing market. Data suggests that a significant portion of homebuyers are considering moving out of Syracuse, signaling a potential shift in demand patterns.
Syracuse Housing Market Forecast for 2024 and 2025
Syracuse's housing market has experienced significant growth in recent times, reflecting a trend seen across various regions. According to Zillow, the average home value in Syracuse stands at $173,438, marking an 11.7% increase over the past year. This surge in value has led to properties spending an average of 9 days on the market before going pending, indicating a swift turnover rate.
Understanding Housing Metrics:
For Sale Inventory: As of February 29, 2024, Syracuse boasts a diverse inventory of 213 homes available for purchase, reflecting the city's vibrant real estate market.
New Listings: The market continues to see fresh opportunities, with 81 new listings added as of February 29, 2024, catering to the evolving needs of prospective buyers.
Median Sale to List Ratio: With a ratio of 1.026 as of January 31, 2024, Syracuse maintains a balanced relationship between listed and sold prices, ensuring fair transactions for both parties involved.
Median Sale Price and Median List Price: As of January 31, 2024, the median sale price stands at $165,833, slightly higher than the median list price of $143,267 as of February 29, 2024, indicating a competitive market where sellers can potentially fetch favorable prices.
Percent of Sales Over/Under List Price: The market exhibits a healthy mix of demand, with 59.4% of sales surpassing the list price and 28.8% falling under it as of January 31, 2024, showcasing a balanced negotiation environment.
The Syracuse MSA Housing Market Forecast:
Syracuse's Metropolitan Statistical Area (MSA) encompasses various counties within New York State, serving as a pivotal economic and residential hub for the region. Comprising Syracuse, NY, and its surrounding areas, this MSA is projected to witness a steady growth trajectory.
According to forecasts, by March 31, 2024, the MSA is anticipated to experience a 0.7% increase, followed by more substantial growth of 2% by May 31, 2024. Looking further ahead, the forecast suggests a promising 3.1% rise by February 28, 2025, underlining the region's resilience and potential for sustained development.
Are Home Prices Dropping in Syracuse?
Contrary to a downward trend, home prices in Syracuse have been steadily rising over the past year, reflecting the market's resilience and demand. Factors such as low inventory, favorable interest rates, and a growing economy contribute to the upward trajectory of home prices. While fluctuations may occur in specific neighborhoods or property types, the overall trend indicates sustained growth rather than a decline in prices.
Will the Syracuse Housing Market Crash?
While no market is immune to fluctuations, the Syracuse housing market currently shows no signs of an imminent crash. The steady increase in home values, coupled with balanced supply and demand dynamics, suggests a stable and healthy market environment. Additionally, proactive measures by regulatory bodies and industry stakeholders aim to mitigate risks and maintain market stability, reducing the likelihood of a sudden downturn.
Is Now a Good Time to Buy a House in Syracuse?
For prospective buyers, the decision to purchase a home in Syracuse hinges on various factors, including personal circumstances, financial readiness, and long-term goals. While market conditions favor sellers, opportunities still exist for savvy buyers to find value in the current landscape. Low-interest rates as compared to last year, coupled with the potential for future appreciation, make it an attractive time to invest in homeownership. However, buyers should conduct thorough research, assess their financial situation, and consult with real estate professionals to determine if now is the right time for them to make a purchase.
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 $173,438, demonstrating a substantial increase of +11.7% 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 Feb 2025, the anticipated growth percentages (+3.1%) 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