Surging Property Values, Sales in Syracuse Real Estate Market Signal Potent Seller’s Era For Early 2024

The real estate market in Syracuse, New York is experiencing a surge in property values and sale prices, with homes typically selling above their listed prices.

authorWritten by Manuel MartinezApr 4, 2024

Overview of Syracuse Real Estate Market Trends

The real estate market in Syracuse, New York, is showcasing an impressive trajectory of growth that is marked by increasing property values and sale prices. Examining the recent data trends, one can draw a clear picture: between January and March 2024, the average property value in Syracuse climbed from $95,000 to a notable $147,900. This trend is also mirrored in the price per square foot, which spiked from $68 to $93 in the same period, an unmistakable sign of a strengthening market.

Syracuse NY Market Report April 2024
Syracuse NY Market Report April 2024

Even more telling of the market’s dynamism is the escalation of sale prices over listed prices, indicating a potent seller’s market. Properties are, on average, fetching sale prices that eclipse their listed values—with the average sale price registering at $149,900 in March, as opposed to the average value of $147,900.

While overall property values and sale prices are scaling upwards, the volume of sold properties did experience some ebb and flow. For instance, March 2024 saw a sale of 1,349 properties, which was a decrease from 1,508 properties in February. This could suggest a variety of market forces at play, including seasonal effects or economic conditions.

Syracuse’s real estate growth narrative continues to unfold with a context of regional comparison. The nearby cities such as Jamesville and Fayetteville are setting a higher benchmark with their greater average values and prices per square foot. External factors such as community features, local economies, or school districts might be driving these differences, underscoring the city’s unique market dynamics.

Detailed Comparative Analysis

Nearby cities are showing higher levels of demand:

  • Jamesville, with an average property value of $439,900 and a price per square foot of $156, exceeds Syracuse’s figures. The average sale price is surprisingly lower at $292,666, yet the sale price per square foot is $165, suggesting that property sizes may be larger on average.
  • East Syracuse presents a slightly more expensive market than Syracuse, with an average value at $179,900 and a price per square foot at $116.5. Properties are being sold at an average price of $187,831 and a sale price per square foot of $142, maintaining the trend of sale prices outstripping listed values.
  • Fayetteville commands the highest value at $530,000 with a price per square foot of $172, pointing towards a more upscale market. However, the average sale price of $315,826, though higher than Syracuse’s, is below the listed average, indicating a possible correction or a greater variance in the types of properties sold.
  • Liverpool and Camillus also fall in line with the broader trends, offering average values of $187,400 and $329,900, respectively, and corresponding prices per square foot at a premium of $150 and $218. Sale prices in these cities follow suit, with Liverpool achieving an average price of $232,301 and a price per square foot of $152, while Camillus’ figures stand at $242,851 and $153 respectively. The volume of sales in these cities ranges significantly, with Liverpool seeing 298 properties sold and Camillus 111, illustrating diverse market activity levels.

Summary and Implications

The Syracuse real estate market, alongside its neighboring cities, is experiencing a strong seller’s market. The data shows a consistent pattern: property values and sale prices are not only increasing but often the sale prices are exceeding the listed values. Such a market is favorable for sellers looking to capitalize on their investments.

Potential buyers should be aware that competition might be fierce and that properties could sell for more than the asking price. For real estate professionals, developers, and investors, the upward trend in price per square foot signifies a robust market that may continue to reward quality offerings.

The fluctuations in sale volumes, while normal, do imply the need for careful market monitoring since sudden changes could affect pricing and sales strategies. Regional disparities in value and pricing illustrate the importance of micro-market dynamics, with more affluent suburbs like Fayetteville and Jamesville commanding premium pricing.

In conclusion, Syracuse’s market shows positive growth signs and should remain a solid focus for stakeholders. However, the data also recommends a nuanced approach by considering localized trends in nearby cities to grasp the full scope of opportunities present in the greater Syracuse area’s real estate landscape.

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