Syracuse appreciation rates and housing market information

Syracuse housing market information

With 147,326 people, 68,196 houses or apartments, and a median cost of homes of $123,627, house prices in Syracuse are solidly below the national average.

single-family detached homes are the single most common housing type in Syracuse, accounting for 38.11% of the city's housing units. Other types of housing that are prevalent in Syracuse include duplexes, homes converted to apartments, or other small apartment buildings (30.50%), large apartment complexes or high rise apartments (28.67%), and a few row houses and other attached homes (2.66%).

People in Syracuse primarily live in small (one, two, or no bedroom) single-family detached homes. Syracuse has a mixture of owner-occupied and renter-occupied housing.

The housing in Syracuse was primarily built before 1939 (48.04%), making the housing stock in Syracuse some of the older overall in America, although there is a range of ages of homes in Syracuse. The next most important Syracuse housing age is 1940-1969 (37.47%), followed by 1970-1994 (13.48%). There's also some housing in Syracuse built between 1995 and later (1.01%).

Vacant housing appears to be an issue in Syracuse. Fully 12.78% of the housing stock is classified as vacant. Left unchecked, vacant Syracuse homes and apartments can be a drag on the real estate market, holding Syracuse real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Syracuse home appreciation rates

Syracuse's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Syracuse during the period has been just 5.82%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Syracuse home appreciation rates, at 1.24%, have been at or slightly above the national average. In the latest quarter, Syracuse's appreciation rate has been 0.74%, which annualizes to a rate of 2.96%.

Relative to New York, our data show that Syracuse's latest annual appreciation rate is higher than 52% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Syracuse differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Syracuse - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Syracuse real estate investment or home purchase decisions.