Welcome to an in-depth exploration of the real estate market in Syracuse, NY. Syracuse, located in the heart of New York State, boasts a captivating blend of history, culture, and a thriving real estate market. In this article, we'll delve into the latest market trends and provide insights into what the future might hold for homebuyers and sellers in Syracuse.
Syracuse Housing Market
Syracuse Housing Market
The Current Syracuse Housing Market Landscape
The median listing home price in Syracuse, NY stood at $129.9K in July 2023, reflecting a -10.1% year-over-year decline. For those looking to purchase real estate in this city, the median listing home price per square foot was $96. Additionally, the median home sold price, a crucial indicator of market health, was $185.1K.
The sale-to-list price ratio provides valuable insights into the competitiveness of the market. In July 2023, homes in Syracuse were fetching 3.97% above their asking prices on average, signifying a robust demand and competitive environment for buyers.
Market Balance and Dynamics
Syracuse, NY finds itself in a balanced real estate market as of July 2023, with supply and demand for homes relatively equal. This equilibrium indicates that both buyers and sellers have opportunities in this market. The median days on the market, which measures the average time a home spends on the market before being sold, stands at 27 days. This figure reflects the average for July 2023 and serves as a key metric to assess the pace of the market.
The trend for median days on the market in Syracuse has shown a slight increase compared to the previous month, and a similar uptick when compared to the previous year. This trend might indicate shifting buyer behavior, market conditions, or seasonality influences that warrant attention.
Forecast and Implications
As we peer into the future of Syracuse's real estate market, several factors come into play. While the year-over-year decline in median listing home prices might raise eyebrows, it's essential to consider broader economic factors that contribute to market trends. A balance between supply and demand signifies a market that is neither overly skewed in favor of buyers nor sellers, providing opportunities for both parties.
The sale-to-list price ratio's upward trajectory suggests that buyers need to be prepared for competitive offers and potentially higher purchase prices. The median days on market data indicate that homes are moving relatively quickly, a factor that both buyers and sellers should take into account when planning their real estate endeavors.
These stats show that Syracuse, NY's real estate market presents a dynamic landscape with its own set of trends and intricacies. As of July 2023, the market showcases a median listing home price decline year-over-year, balanced supply and demand, and a healthy sale-to-list price ratio. With a rich history and a promising future, Syracuse continues to be an enticing destination for those looking to buy or sell real estate.
Whether you're a potential homebuyer seeking affordability or a seller hoping to capitalize on a competitive market, understanding these trends and forecasts will empower you to make informed decisions in Syracuse's ever-evolving real estate market.
These Albany housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded.
Syracuse Housing Market Forecast 2023-2024
The Syracuse housing market is showing remarkable growth and potential, making it an area of interest for both buyers and investors. With an average home value of $173,293, which has increased by an impressive +6.8% over the past year, Syracuse offers an enticing opportunity for those looking to enter the real estate market. Properties also tend to go pending in around 6 days, indicating a competitive landscape.
Highlighted by Zillow's data, the Syracuse housing market boasts a typical home value of $173,293, reflecting a significant +6.8% increase over the past year. Other metrics include:
- Median Sale to List Ratio (June 30, 2023): 1.054
- Percent of Sales Over List Price (June 30, 2023): 67.0%
- Percent of Sales Under List Price (June 30, 2023): 23.7%
- Median Days to Pending (July 31, 2023): 6
Syracuse MSA Housing Market Forecast by July 2024
The Syracuse Metropolitan Statistical Area (MSA) encompasses a variety of neighborhoods, suburbs, and communities in and around Syracuse. This area is characterized by its blend of urban amenities and natural beauty, making it an attractive place to live and invest in real estate.
The projected changes in the Syracuse MSA housing market indicate promising trends for potential investors:
- Region Name: Syracuse, NY
- Region Type: MSA
- State Name: New York (NY)
- Base Date: July 31, 2023
- Projected Change by August 31, 2023: +1.2%
- Projected Change by October 31, 2023: +2.3%
- Projected Change by July 31, 2024: +6.4%
Investment Potential and Affordability
As an emerging real estate market, Syracuse presents a compelling case for investors. The steady increase in property values, combined with relatively affordable home prices, can provide an opportunity for both short-term and long-term gains. This makes Syracuse an interesting option for those considering real estate investment.
The city's affordability, coupled with positive market trends, has led to increased attention from potential homebuyers. However, while properties may appear “cheap” in comparison to larger cities, it's important to conduct thorough research and consult with professionals before making investment decisions.
Hence, the Syracuse housing market is on a growth trajectory, with rising home values, competitive sales dynamics, and a positive forecast for the near future. While the affordability factor and investment potential make Syracuse an attractive option, due diligence is crucial. Whether you're considering purchasing a home or investing in properties, staying informed about local market trends and seeking professional guidance can help you navigate this evolving real estate landscape.
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 $173,293, demonstrating a substantial increase of +6.8% 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 6 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 July 2024, the anticipated growth percentages (+6.4%) 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
