Syracuse Real Estate Market : Trends & Forecast
In many ways the Syracuse real estate market is different from the rest of the country, when compared to cities like San Francisco, Dallas, Denver and San Diego, just as a short list. The Syracuse real estate market is much more affordable, less volatile and we experience far less appreciation. There are several economic conditions that create this housing market in which we live in, such as; population growth, job growth, unemployment rates, demographics, income level along with several other factors.
The housing recession hit our country in 2007 and lasted until 2009. The Syracuse real estate market was not hit as severe as several other states who experience high levels of volatility and appreciation. As you can see from the chart below, we have had no drastic dips or increases from the 2007 housing crisis. This chart shows you that the median sales prices since 2007 have steadily rose, but have begin to top out or slightly decrease. The spikes that you see from the chart below are the spring and summer months, when we can expect our highest prices throughout the year
Syracuse Median Sales Prices - 2000 - 2016
Syracuse Real Estate Market - Positives
Even though we do not experience high appreciation rates, increased population growth and job growth, our market does offer some positive factors. Syracuse NY is ranked as one of the most affordable housing markets in the nation. An affordable housing market is defined as the total monthly payment, including taxes and insurance is under 28% of the median income.