Syracuse Property Values Soar from $120k to $167k in Year-Over-Year Surge

The real estate market in Syracuse, New York, has demonstrated consistent growth, particularly in the past year. Average property values have risen from $119,900 in June 2023 to $167,450 by May 2024. This represents a significant upward trajectory in property valuations, suggesting a robust demand and a positive market outlook. Additionally, the price per square foot has also seen a similar increase, from $78 in June 2023 to $113 in May 2024, underscoring an enhanced valuation of property size and space.

The increase in average sale prices further confirms this growth pattern, with prices moving from $133,717 in June 2023 to $145,087 in May 2024.

This rise in sale prices complemented by an uptick in the average sale price per square foot, which went from $103 in June 2023 to $103 in May 2024, indicates a healthy buyer interest and a competitive market environment.

Furthermore, the number of sold properties has remained relatively high, reflecting active transactional movement within the market. With fluctuating property and sold property counts over the months, it is essential to note the consistent demand, which may be influenced by seasonal variations or other external market factors.

Price Fluctuations and Sales Volume

Examining the monthly progression from December 2023 to May 2024 provides deeper insight into the market’s behavior. For instance, the significant growth in average property value from $77,500 in December 2023 to $95,000 in January 2024 and a steady increase to $167,450 by May 2024 illustrates rapid appreciation within a five-month span.

Comparatively, the average sale price showcased a more variable pattern. It peaked at $153,519 in January 2024 and then saw a slight decline to $145,087 by May 2024. This variability in sale prices, against a backdrop of rising property values, points towards a competitive market where listing prices may be influenced by multiple factors including property enhancements and local economic conditions.

In February 2024 there were 1,508 sold homes, a number that dropped to 1,361 by May 2024. This high volume of transactions underscores a healthy turnover in the real estate inventory, reflecting ongoing buyer and seller activity.

Comparative Analysis with Surrounding Areas

Comparing Syracuse’s real estate market to nearby areas such as Jamesville and East Syracuse, where average values are typically higher, provides an interesting perspective. The higher property values in these neighboring cities may reflect different local economic conditions or community amenities that attract a different buyer segment. Understanding these variations can help potential buyers and investors make more informed decisions based on their specific needs and expectations.

In conclusion, Syracuse’s real estate market over the past year has shown significant growth and activity, marked by rising property values, sale prices, and consistent transaction volumes. As the market continues to evolve, staying informed with these trends will be crucial for anyone involved in the local real estate scene.