Syracuse NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Syracuse, NY Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Syracuse Housing Market Information

With 142,749 people, 55,306 houses or apartments, and a median cost of homes of $110,301, house prices in Syracuse are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Syracuse, accounting for 39.25% 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 ( 28.19%), large apartment complexes or high rise apartments ( 28.01%), and a few row houses and other attached homes ( 4.22%).

Syracuse is dominated by renter-occupied one, two, or no bedrooms apartments. 65.31% of Syracuse's dwellings are rentals.

The housing in Syracuse was primarily built before 1939 ( 44.44%), making the housing stock in Syracuse some of the oldest overall in America, although there is a range of ages of homes in Syracuse. The next most important housing age is between 1940-1969 ( 38.44%), followed by between 1970-1999 ( 14.44%). There's also some housing in Syracuse built between 2000 and later ( 2.68%).

Vacant housing appears to be an issue in Syracuse. Fully 17.77% 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

Real estate appreciation rates in Syracuse's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.25% during the period.

Appreciation rates are so strong in Syracuse that despite a nationwide downturn in the housing market, Syracuse real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Syracuse appreciation rates continue to be some of the highest in America, at 7.60%, which is higher than appreciation rates in 93.17% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Syracuse. Syracuse appreciation rates in the latest quarter were at -0.05%, which equates to an annual appreciation rate of -0.22%.

Notably, Syracuse's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Syracuse's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Syracuse real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$110,301

Syracuse, NY HOME PRICES

Value Range
> $1,209,000 0.5
$907,001 - $1,209,000 0.8
$604,001 - $907,000 1.3
$483,001 - $604,000 1.8
$362,001 - $483,000 2.2
$242,001 - $362,000 5.7
$121,001 - $242,000 24.4
$60,001 - $121,000 48.0
$0 - $60,000 15.2

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
80.6715328467153 87.7777777777778

Number Of Homes And Apartments:
55,306

Syracuse Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
72.90% 2.71%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,010 / per month

Homeownership Rate

Homeownership
Owners 34.69
Renters 65.31
Vacant 17.77

Housing Market Details

 

Age of Homes

AGE OF Syracuse HOMES
2000 or Newer 2.7
1970 - 1999 14.4
1940 - 1969 38.4
1939 or Older 44.4

Types of Homes

TYPE OF Syracuse HOMES
Single-Family 39.2
Townhomes 4.2
Small Apt. Buildings 28.2
Apt. Complexes 28.0
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Syracuse HOMES
No Bedroom 4.75
1 Bedroom 19.15
2 Bedrooms 27.74
3 Bedrooms 33.38
4 Bedrooms 11.87
5 or more bedrooms 3.11